GBP/USD Analysis on 28 February, 2022

GBP/USD recovered to the 1.3400 area and erased its bearish opening gap. The pair, however, is having a difficult time gathering bullish momentum as markets remain on edge amid the ongoing Russia-Ukraine conflict.

Following the bearish opening gap, GBP/USD seems to have met interim support at 1.3340. If that level turns into resistance, the pair could decline toward 1.3300 (psychological level) and 1.3280 (static level, multi-month low) afterwards.

On the flip side, 1.3400 (psychological level) aligns as initial resistance before 1.3430 (static level, 20-period SMA on the four-hour chart). A daily close above the latter is likely to attract buyers and open the door for an extended rebound toward 1.3500.

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