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GBP/USD European session outlook

FX:GBPUSD   British Pound/U.S. Dollar
Resistance – 1.4488, 1.4514, 1.4549

Support – 1.44, 1.4372-58, 1.4328

Data/Event to watch out forBOE Quarterly Inflation Report (QIR)

Cable’s failure to sustain above 1.4444 has opened the doors for a re-test of demand below 1.44 levels. A rebound from 1.4413 (38.2% of 1.3835-1.4770) followed by a move above 1.4444 would shift risk in favor of a re-test of 1.4488 (previous day’s high).

On the lower side, major support is seen around 1.4372 (rising trend line on daily)-1.4358 (daily 100-SMA).
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