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The GBP/USD pair is currently testing 1.2329 (Murrey's [5/8] level).

Despite the guarantees of the stability of the financial system and the security of deposits in large systemically important banks by the authorities, as well as promises of assistance to creditors, which helped to reduce the general anxiety of investors, experts still note the risks of a negative impact of the crisis on the country's economy. So, yesterday, Philip Jefferson, a member of the US Federal Reserve Board of Governors, said that the current situation could harm small businesses, and Minneapolis Federal Reserve Bank (FRB) President, Neil Kashkari, noted that he had said that the American economy was likely to plunge into recession. If the crisis develops, the agency may decide to suspend the interest rate hike cycle, the possibility of which has already been discussed by officials.

This week, the head of the Bank of England, Andrew Bailey, reported on the stability of the national banking sector, however, in contrast to the general trend of a gradual decrease in inflationary pressure in the world's leading economies, the consumer price index in the United Kingdom resumed growth in February and reached 10.4% YoY, and the base rate is 6.2%. In March, the situation may worsen, as, according to the analytical agency Kantar Group, food prices alone rose by a record 17.5%. In this situation, the British regulator may abandon its plans to suspend the tightening of monetary policy and consider options for further raising interest rates.

The trading instrument is testing 1.2329 (Murrey level [5/8]), consolidation above which will give the prospect of growth to 1.2451 (Murrey level [6/8], Fibonacci correction 50.0%) and 1.2573 (Murrey level [7/8]). In the case of a breakdown of 1.2207 (Murrey level [4/8]), a decline to 1.2040 (Fibonacci correction 38.2%) is not excluded.

Technical indicators point to the continuation of the upward trend: Bollinger bands and Stochastic bands are reversing upwards, while the MACD histogram is increasing in the positive zone.

Resistance levels: 1.2329, 1.2451, 1.2573. | Support levels: 1.2207, 1.2040.