The heightened volatility in the financial market amid the possible full-scale invasion of Ukraine has boosted the demand for dollars as a safe haven asset. As a result of this bears are trying to pull the price below the major support level at the 1.36000 mark on the daily chart. The dollar index which is the benchmark for the value of the U.S. dollar against the major currencies is trading near 96.15 which indicates the bearish sentiment for GBP/USD. The 14-Period Relative strength index indicator suggests a range-bound market. Therefore, the short-term technical outlook for GBP/USD is neutral to bearish on the daily chart.
