U.S. President Joe Biden at the 2022 State of the Union.
Markets remained relatively unfazed by Joe Biden's state of the union speech yesterday, as adverse volatility is already elevated considerably. This is particularly evident in the energy market, where crude oil continues to break higher. You can read more about that in our last analysis of the commodity.
In his highly anticipated state of the union speech, U.S. President Joe Biden spoke on a number of pressing issues, but the one that garnered the most interest was his take on Vladimir Putin and the situation in Ukraine. He vowed 'unwavering resolve' and unity among western allies as the war in Ukraine intensifies.
The U.S. Department of Justice is assembling a dedicated task force to go after the crimes of Russian oligarchs.
— President Biden (@POTUS) March 2, 2022
We are joining with our European allies to find and seize their yachts, their luxury apartments, their private jets.
We are coming for their ill-begotten gains.
President Biden also announced that the U.S. would close its airspace to 'all Russian flights, further isolating Russia'. Following his address at the state of the union, the already rallying dollar continued with its advance.
GBPUSD 4H Price Chart. Image source: Trendsharks ©, created with TradingView.com
As can be seen on the 4H chart, the newly emerging downtrend on the GBPUSD continued to break lower and is currently headed towards the previous swing low at 1.31900. The downtrend itself commenced following the completion of an Ascending Wedge pattern just above the 23.6 per cent Fibonacci retracement level at 1.36124.
Following a temporary consolidation around the 61.8 per cent Fibonacci at 1.33874, the price action was ready to break lower. This is underpinned by the upsurge in bearish momentum, as indicated by the MACD indicator.
Even though the GBPUSD looks poised to sink lower in the near future, an initial pullback to the 61.8 per cent Fibonacci could unfold first. This would affirm the previous support level's new role as a major resistance.
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