GBP/USD refreshes session tops, around mid-1.4100s

Haresh Menghani FXStreet

• USD bulls little unimpressed by today’s upbeat durable goods orders.
• British Pound gets a boost from BoE MPC member Vlieghe’s comments.

The GBP/USD pair continued gaining positive traction through the early NA session and jumped to fresh session tops, around mid-1.4100s, in the last hour.

The US Dollar bulls seemed little impressed by today's upbeat durable goods orders and continue to be weighed down by the US President Donald Trump's protectionist policies.

Even some hawkish comments by Atlanta Fed President Raphael Bostic, saying will likely support more rate hikes this year, did little to extend any support to the USD.

Meanwhile, the British Pound gained some positive traction after the BoE MPC external member Gertjan Vlieghe said the data has shifted further in the direction that warrants removal of monetary stimulus since November.

The pair jumped to an intraday high level of 1.4149 but now seemed struggling to gain any follow-through traction, nevertheless remains on track to post third consecutive weekly gains and possibly the highest weekly close since the historic Brexit vote.

Technical levels to watch

A follow-through buying interest has the potential to keep pushing the pair back towards reclaiming the 1.4200 handle, which would mark a fresh bullish breakout and pave the way for an extension of the near-term bullish trajectory.

On the flip side, the 1.4100-1.4090 region now seems to have emerged as an immediate support, which if broken might prompt some additional long-unwinding trade and drag the pair back towards 1.4030 intermediate 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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