GBP/USD Recuperates from 1.3320 as Ukraine nuclear anxiety dies down

Updated:

Pound versus Dollar drew a considerable amount of offers from market traders and dipped around 1.3316 in the midst of Russian attacks on Ukraine, which is the largest nuclear power station in Europe. The news brought a wide base in the risk-observed asset as investors think about further increases in the war between Ukraine and Russia. Nevertheless, the pair was seen to have been bought and it was able to recover 1.3350.

The Actual market triggers and their effect on the market
Recently, the Government officials of Ukraine gave a warning that a heightened level of radiation was discovered around the plant site. Serious fighting happened between Russian rebels, and as a result, a good number of death and injuries were recorded. Also, the bombardment of the nuclear power plant in Zaporizhzhia was seen as a threat to world security.

Afterward, the International Atomic Energy recounted that Ukraine nuclear regulator told the IAEA that there has been no change reported concerning the radiation level at the nuclear power plant site in Zaporizhzhia. This helped the pair to regress the losses and regain 1.3350.

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GBP/USD has been stabilized within the range of 1.3273-1.3437 since the 24th of last month (February) following a sharp dip during the absence of potent movers which could support the Pound against the Dollar.

While the USD index is hoping the recover the 98.00s in the midst of increasing uncertainty due to geopolitical risks. In addition, the increase in US actual Jobless claims might further strengthen the dollar index.

Presently, the high uncertainty has died down a bit but the risk-off stimuli will remain the wide-based picture. Furthermore, more news of bombardment at nuclear power stations in Ukraine will actively engage investors. Besides that, investors will also be paying attention to the US Nonfarm Payrolls, and they are due today.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.