GBPUSD hoping for support
The pound remains under intense pressure after breaking the 1.3300 level, which has led to multi-month lows. The pair hopes to stage a bounce away from the psychological level of 1.3200 as the recovery theme remains intact from a short-term perspective. Though the recent price action could be choppy as cable strives to gain a secure footing at 1.3240. 1.3300 is a key hurdle, as the RSI ventures into the oversold region, 1.3460 becomes the target ahead if sentiment can turn around.
NZDUSD sinks lower
Like most of the dollar’s competitors, the New Zealand dollar hits another sharp support as sentiment continues to wane. The pair was looking to prevent another move lower after hitting the 0.5800 level. A bounce off the oversold zone on the RSI would be an encouraging sign that a recovery can materialise. Strong offers near 0.5860 see a possible upturn in fortunes for the kiwi, as a break at the previous top would open the door to 0.5950
SPX 500 conflict hit price action
The S&P 500 remains in the spotlight after it posted its biggest loss since November, as the current global conflict looks set to continue. On the chart, the bearish rally has gained traction after a break below 6750. The mood remains pressured in the short term after the Dow and Nasdaq also witnessed a broad sell-off, prompting traders to fear the same for the S&P. 6640 will be a key support level, followed by 6500 should the downturn persist.