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GBP/USD US session outlook – Battling for a recovery

FX:GBPUSD   British Pound/U.S. Dollar
Cable dipped in Europe to near 1.4549 (23.6% of 1.3835-1.4770) as anticipated in European session outlook.

We also talked about a possible rebound from 1.4549, although that failed to happen as the pair struggled to cut through 1.4575 levels.

Outlook

  • There is little data due for release in the US, hence big action is unlikely. However, dips below 1.4549 could see the pair extend losses towards 1.4513-1.45 levels.
  • On the higher side, watch out for a break above 1.4575 levels as that could push the spot higher to 1.46 levels.
  • A move higher appears likely since bulls have been able to defend 1.4549 levels throughout Europe.
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