GBP/USD couldn't sustain upside momentum and after peaking at 1.6077 on the back of the NFP figures, it weakened and fell back to the 1.6000 area. However, the correction was limited by the 1.6000 psychological level and Cable managed to bounce back to the 1.6040 area afterward. At time of writing, GBP/USD is trading at 1.6020, 0.33% above its opening price.
On weekly basis however, despite the Pound managed to trim part of the previous losses, it is on track to close the week negative against the Greenback as the British currency remains pressured by the BoE's dovish monetary stance.
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