Hawkish Bullard and Weak US Data Fail to Move Cable

Hawkish Bullard and Weak US Data Fail to Move Cable

24 March 2016, 15:33
Roberto Jacobs
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Hawkish Bullard and Weak US Data Fail to Move Cable

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.

(Market News Provided by FXstreet)

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