FUNDAMENTALOVERVIEWUSD:The US Dollar weakenedacross the board on Friday after the US Supreme Court struck down Trump’sreciprocal tariffs. The policy uncertainty is what is likely to have weighed onthe greenback because on net, not much has changed. Trump has already imposednew tariffs under a different law and USTR Greer has stated that the tariffdeals remain in place and they will be honoured. Moreover, the new leviesactually reduce the effective average tariff rate, so it could be a positive. The dollar might stay onthe backfoot for now amid the uncertainty, but I don’t think the big picturehas changed much. The real risks remain a potential US-Iran military escalationwhich could boost the greenback on severe risk-off mood or a hawkish repricingon stronger US data which would have a positive effect on the USD.GBP:On the GBP side, theprobabilities for a rate cut in March increased to 75% following the muchweaker than expected UK labourmarket report onTuesday and mostly benign UK CPI data on Wednesday. The pound eventuallyfell to a new monthly low before bouncing following the US Supreme Courtdecision. As a reminder, theBoE surprised with a dovish hold at the last meeting as 4 membersdissented for a rate cut versus 2 expected. Moreover, they changed the guidancein the statement from "the bank rate is likely to continue on a gradualdownward path" to "the bank rate is likely to be reducedfurther". GBPUSD TECHNICALANALYSIS – DAILY TIMEFRAMEOn the daily chart, we cansee that GBPUSD broke below the major trendlineand bounced back to retest it. The sellers will likely step in around thebroken trendline with a defined risk above it to keep pushing into new lows.The buyers, on the other hand, will look for a break higher to extend therebound into the downward trendline where the sellers will look for anothershort opportunity. GBPUSD TECHNICAL ANALYSIS –4 HOUR TIMEFRAMEOn the 4 hour chart, there’snot much we can add here as the sellers will likely continue to step in aroundthe broken trendline, while the buyers will look for an upside break to extendthe gains into the downward trendline. GBPUSD TECHNICAL ANALYSIS –1 HOUR TIMEFRAMEOn the 1 hour chart, wehave a minor upward trendline defining the bullish momentum on this timeframe.The buyers will likely continue to lean on the trendline to keep pushing into newhighs, while the sellers will look for a break lower to increase the bearishbets into new lows. The red lines define the average daily range for today.UPCOMING CATALYSTSTomorrow we have the weekly US ADP jobs data. On Thursday, we get the latest USJobless Claims figures. On Friday, we conclude the week with the US PPI data.Also, keep watching out for US-Iran headlines. This article was written by Giuseppe Dellamotta at investinglive.com.