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FXstreet.com (San Francisco) - GBP/USD is steady consolidating below the 1.5500 mark so far this Thursday, last at 1.5475 as it ranges between 1.5470 and 1.5492.

Yesterday, the pound was driven lower as the UK GDP fell by 0.7% in the second quarter, well below the expected 0.2% contraction. In the European session ahead, GBP will be driven largely by sentiment and headline risk from the euro area, as the Economic and Financial Affairs Council meets today at 07:00 GMT.

From a technical standpoint, "In the 4 hours chart the pair holds its bearish tone as per being capped by a strongly bearish 20 SMA twice over the last 24 hours, while indicators hold in negative territory," observes Valeria Bednarik, Chief Analyst at FXstreet.com. "1.5440 is key support for the upcoming sessions, while only above 1.5520 the bearish tone may partially ease in the short term."

If GBP/USD manages to break from its intraday range, Ms. Bednarik identifies support levels at the mentioned 1.5440, then 1.5390 and 1.5360. Resistance levels lie at 1.5520, 1.5550 and 1.5585.

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