The pound managed to recover against the US dollar during the American session and recently even rose above 1.4500. The pair is about to end the week hovering around 1.4490 - 1.4520, near the level it closed a week ago. At the beginning of the week, the pair dropped to 1.4349 but it was rejected from below 1.4400. Then it bounced to the upside, but lost strength every time it approached 1.4600. On the short-term GBP/USD still moves with a bullish bias, holding above an uptrend line but the main trend continues to point to the downside. For the third week in a row the pound has been able to hold far from multi-year lows that reached back in January at 1.4078. Next week calendar In the US, on Monday market action will be limited due to President’s Day holiday. The key events are on Wednesday, the FOMC minutes and on Friday with CPI data. “In the UK, the focus is on the upcoming EU council meeting on Thursday and Friday when the draft deal between EU-UK is to be discussed. The negotiations will probably be very difficult as there are many different views which are mutually exclusive among the EU leaders”, wrote analysts at Danske Bank. Key data in the UK next week includes CPI on Tuesday and the labour market report on Wednesday. For more information, read our latest forex news.