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Forex: GBP/USD consolidates around 1.5500

By FXstreet.com,  July 12, 2012, 12:33:00 AM EDT

FXstreet.com (San Francisco) - GBP/USD is trending sideways this Thursday, little changed so far around the 1.5500 handle as the market remains bracketed between 1.5494 and 1.5515.

With a lack of UK-specific fundamental news for the rest of the week, GBP price action will be driven by market sentiment in the European session ahead. The ECB's Monthly Report will be watched closely along with May Industrial Production data for the euro zone.

Valeria Bednarik, Chief Analyst at FXstreet.com notes that, as price trades below the 20 SMA on the 4 hours chart, a downward continuation in the pair is supported while technical studies point lower and hover around their midlines. "However a clear break below 1.5460 is what it takes to confirm a retest of the 1.5260 low over the upcoming sessions," she adds.

Should GBP/USD manage to break out of its range, the analyst identifies resistance levels at 1.5520, 1.5560 and 1.5590, while further support is noted at 1.5420.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

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