GBP/USD trims early gains, retreats back closer to 1.4100 mark

Haresh Menghani FXStreet

• USD bearish pressure eases a bit and was seen capping gains.
• The market seems to have digested Thursday’s hawkish BoE vote.
• The US durable goods orders data eyed for fresh impetus.

The GBP/USD pair retreated around 20-25 pips from session tops and has now slipped back to the lower end of its daily trading range, around the 1.4100 handle.

The US President Donald Trump's step towards anti-China tariffs revived fears about a full-blown trade war and prompted some fresh US Dollar weakness on Friday, helping the pair to stall its post-BoE sharp retracement slide from the highest level since early Feb.

It is worth reporting that the pair did rally to levels beyond the 1.4200 handle on Thursday following a hawkish BoE vote spilt but failed to sustain at higher levels, clearly suggesting that a 25 bps interest rate hike in May might have already been priced in.

Meanwhile, the USD selling now seems to have abated, at least for the time being and was now seen as one of the key factors contributing towards capping the pair's initial up-move to an intraday high level of 1.4126.

There aren't any major market-moving data from the UK and hence, the US economic docket, featuring the release of durable goods orders, would now be looked upon for some fresh impetus on the last trading day of the week.

Technical levels to watch

On a sustained weakness back below the 1.4100-1.4090 region, the pair is likely to accelerate the fall towards 1.4030-25 intermediate support en-route the key 1.40 psychological mark. On the upside, the 1.4140 area now seems to act as an immediate hurdle, above which the pair is likely to make a fresh attempt towards conquering the 1.4200 handle.

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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