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GBP/USD jumps to hourly 100-MA as dollar sell-off continues

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 16, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The GBP/USD pair jumped to hourly 100-MA of 1.4258 as dollar continued to take a beating after Fed backtracked from December’s hawkish view.

    Yellen offers not support to USD

    Fed’s Yellen, during her press conference, squashed whatever little hopes USD bulls had about a recovery. Yellen blamed overseas conditions for downward revision of interest rate forecasts and said the policy tightening is not on a preset course.

    Consequently, Cable remains well bid, currently hovers below hourly 100-MA level of 1.4258 levels after having set a session high of 1.4273 levels.

    GBP/USD Technical Levels

    The immediate hurdle is seen at 1.4273 (session high), above which the spot could target 1.4330 (23.6% of 1.5930-1.3835). On the other hand, a breakdown of immediate support at 1.4237 (hourly 100-MA) would open doors for a slide to 1.4182 (hourly 50-MA).
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