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Hawkish Bullard and weak US data fail to move Cable

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 24, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    Hawkish comments from Bullard and weak US data may have pushed USD/JPY lower, but failed to trigger a major reaction in the GBP/USD pair, which continues to trade largely unaffected above 1.41 handle.

    Profit taking supports GBP

    Cable dropped more than 400 pips this week and thus short unwinding ahead of an extended weekend set-in after a better-than-expected UK retail sales figure hit the wires earlier today.

    Consequently, the pair moved inched higher to 1.4147 ahead of US session and now trades around 1.4130 as Sterling traders look trapped between hawkish Bullard and weaker-than-expected US durable goods release.

    GBP/USD Technical Levels

    The immediate hurdle is noted at 1.4160 (rising trend line hurdle), above which the spot could target 1.42 handle. On the other hand, a break below 1.41 could see the pair have a re-look at the daily low of 1.4057.
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