Daily outlook for GBP/USD: BofA Merrill Lynch

Quotes from BofA Merrill Lynch:

- With the US $ index stuck in a 3wk contracting range between 94.94 & 93.85, we look for GBP/USD to continue its upward correction into 1.5605/1.5791 before greater signs of topping emerge. 

- Once the correction completes we look for a resumption of the larger bear trend for 1.4813 and below. Indeed, we look for the US $ Index to resolve its range for 97.05/97.07 and potentially beyond.