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Forex: GBP/USD consolidates below 1.5400

By FXstreet.com,  June 01, 2012, 11:49:00 AM EDT

FXstreet.com (Córdoba) - After seesawing in the wake of the disappointing US nonfarm payrolls report, GBP/USD has steadied in a range below 1.5400.

The cable rocketed to a high of 1.5436 but as momentum stalled, the pair dropped more than 100 pips to the 1.5330 area entering in a rangebound consolidation phase. At time of writing, GBP/USD is quoting around 1.5375/80, still down 0.1% on the day.

On the downside, supports could be found at 1.5330, 1.5300 and 1.5265, while on the upside, resistances might be faced at 1.5400, 1.5435 and 1.5480.




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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