GBP/USD: Bulls Target 1.44 Handle on Dovish Yellen
GBP/USD has rallied from 1.4280 to make fresh highs which are rising at time of writing towards the half way point on the 1.43 handle after Yellen's dovish tone speaking in New York today.
Yellen has shown her Concerns for low inflation readings and even went onto to mention that the Fed has 'considerable scope' for stimulus if needed. Where markets are looking for an indication for a hike in April, that might have to be left for the Q&A's, but she did say that global developments and risks led to project slower path of rate hikes and that inflation is likely to remain below Fed target this year. Yellen maintains that the incremental hikes will happen, but at a slower pace than first anticipated.
GBP/USD was supported around the 100 sma at 1.4263 and is making a break towards the 22nd Mar high of 1.4396. R3 is located at 1.4424 while the pivot is way below at 1.4220. To the downside, S1 is located a 1.4156.
(Market News Provided by FXstreet)