GBP/USD struggles near multi-month lows amid notable USD demand

   •  Resurgent USD demand keeps a lid on any meaningful recovery.
   •  Downside remains limited ahead of the BoE’s Super Thursday.
   •  Fedspeaks eyed for some impetus at the start of a new trading week.

The GBP/USD pair struggled to build on its early uptick and has now retreated nearly 50-pips from an intraday high level of 1.3565.

Resurgent greenback demand, with the key US Dollar Index hitting over four-month tops in the last hour on speculations that the Fed might need to raise interest rates more aggressively, was seen as one of the key factors weighing on the major. 

Despite the disappointment from the headline NFP print, a fall in the US unemployment rate to the lowest level since late 2000 sparked speculations that tighter labor market conditions could lead to a faster pace of wage rise and eventually lead to higher inflation.

Meanwhile, re-emerging Brexit concerns coupled with the incoming softer UK economic data kept the British Pound on the back-foot and did little to assist the pair to register any meaningful recovery from near 4-month lows touched on Friday.

Moving ahead, comments by influential FOMC members would be closely scrutinized for some fresh hints over the central bank's future rate path and provide some short-term trading impetus. The key focus, however, would be on the BoE's Super Thursday, which would help investors determine the pair's next leg of directional move. 

Technical levels to watch

The key 1.3500 psychological mark is likely to act as an immediate support, which if broken is likely to accelerate the downfall and drag the pair towards its next support near the 1.3465-60 region.

On the flip side, the 1.3570-75 region now seems to have emerged as an immediate hurdle, above which the pair is likely to aim towards reclaiming the 1.3600 handle before darting towards the 1.3640-45 supply zone.