GBP/USD quickly reverses a dip to sub-1.4100 level, US durable goods eyed

Haresh Menghani FXStreet

• A modest USD rebound now seemed to cap any meaningful up-move.
• Hawkish BoE vote/Brexit optimism lends support and helps limit downside.
• On track for third consecutive weekly gains, highest weekly close since early Feb.

The GBP/USD pair quickly recovered an intraday dip to sub-1.4100 level and is now headed towards challenging the top end of its daily trading range.

A modest US Dollar rebound, backed by a goodish pickup in the US Treasury bond yields, turned out to be one of the key factors capping any up-move. However, Thursday's hawkish BoE vote spilt, coupled with the recent Brexit optimism continued lending some support to the British Pound and helped limit any further downside.

Meanwhile, growing concerns about a possible trade war between the world's two largest economies might continue to restrict any meaningful USD up-move, which could eventually assist the pair to resume with its prior appreciating move.

Traders now look forward to the US economic docket, featuring the release of durable goods orders, for some short-term trading impetus. Nevertheless, the pair remains on track to post third consecutive weekly gains and all set for its highest weekly close since early Feb.

Technical levels to watch

Immediate resistance is pegged near the 1.4135-40 region, above which the pair is likely to make a fresh attempt towards reclaiming the 1.4200 handle with 1.4170 level acting as an intermediate resistance. On the flip side, bears would be eyeing for a clear break through the 1.4085-75 region, below which the pair is likely to accelerate the fall towards 1.4030-25 support en-route the key 1.40 psychological mark.

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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