GBP/USD to come under heavy bearish pressure should 1.30 support fail

The GBP/USD pair is trading near Friday's closing level of 1.3030. Will 1.30 support continue to hold? FXStreet’s Eren Sengezer highlights the key levels to watch.

GBP/USD faces interim resistance at 1.3050

“Officials from Ukraine and Russia will reportedly hold a video conference at 08:30 GMT on Monday. In case markets continue to price in a diplomatic solution conflict to the conflict, GBP/USD is likely to capitalize on a relief rally. On the flip side, a negative shift in risk sentiment could provide a boost to the dollar and weigh on the cable.”

“GBP/USD faces interim resistance at 1.3050 (static level). In case a four-hour candle closes above that level, the pair could extend its recovery toward 1.3100 (20-period SMA on the four-hour chart, static level) and 1.3150 (static level).”

“On the downside, 1.3000 (psychological level) aligns as critical support. If that level turns into resistance, 1.2920 (static level) could be seen as the next bearish target.”