GBP/USD recovers early lost ground to YTD low, moves back above 1.3300 mark

GBP/USD recovers early lost ground to YTD low, moves back above 1.3300 mark By HareshMenghani GBPUSD RiskAppetite RussianFederation Ukraine Currencies

A positive risk tone prompted some profit-taking around the safe-haven USD and extended support.

As investors assess the impact of aggressive sanctions against Russia over its invasion of Ukraine, a goodish recovery in the equity markets undermined traditional safe-haven assets on Wednesday. This, in turn, forced the This, along with the worsening situation in Ukraine, continued boosting the greenback's status as the global reserve currency and kept a lid on any meaningful upside for the GBP/USD pair. In the latest geopolitical developments, reports indicated that Russia has intensified the bombardment of Ukrainian cities and a large Russian convoy was approaching the capital Kyiv.

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