Cable Jumps Above 1.44 on Broad Based USD Selling

Cable Jumps Above 1.44 on Broad Based USD Selling

30 March 2016, 09:29
Roberto Jacobs
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Cable Jumps Above 1.44 on Broad Based USD Selling

European desks are offering US dollars in response to dovish Yellen, pushing the GBP/USD pair to a session high of 1.4426 levels.

Trades at 7-day high

At 1.4426, the spot is trading at its highest since March 21. Minor weakness was seen in Asia after latest poll results in UK showed sentiment is slowly shifting in favor of Brexit. However, fresh bids came-in around 1.4368 (38.2% of 1.5230-1.3835) levels.

The spot remains at the mercy of overall demand for the US dollars ahead of the US ADP monthly employment release.

GBP/USD Technical Levels

The immediate hurdle at 1.4436 (Mar 11 high) if breached shall open doors for a rise to 1.4475 (inverse head and shoulder neckline). On the other hand, a break below 1.44 (psychological figure) would expose 1.4368 (38.2% of 1.5230-1.3835).

(Market News Provided by FXstreet)

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