The GBP/USD pair jumped to 1.4480 levels in what appears to be an impulsive move triggered by multiple bullish breaks above key technical levels.
Now attempting break above 76.4% Fibo
The pair’s first attempt to break above 1.4472 (76.4% of 1.4669-1.3835) has failed. The pair clocked a high of 1.4481 before falling back to 1.4460 levels. Cable has been flying higher, breaching key technical levels like 1.4290 (50-DMA), 1.4430 (23.6% of 1.5930-1.3835) and 1.4436 on its way higher.
Markets read BOE’s gradual rate rise call as hawkish in light of Fed’s backtracking from December’s call for four rate hike this year. The offered tone around USD is so strong that traders ignored better-than-expected US data releases- Philly Fed manufacturing index, initial jobless claims.
GBP/USD Technical Levels
The immediate hurdle is seen at 1.4472 (76.4% of 1.4669-1.3835), which if breached shall open doors for a rally to 1.45 – 1.4533 (50% of 1.5230-1.3835). On the downside, a re-test of 1.44 appears likely if the spot breaks below 1.4436 (Mar 11 high. Below 1.44, next stop is seen at 1.4368 (38.2% of 1.5230-1.3835).
(Market News Provided by FXstreet)
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