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GBP/USD fails to regain 1.6000

FXStreet (Córdoba) - GBP/USD staged a mild recovery from 11-month lows Monday but it lacked follow-through to clear the 1.6000 psychological level and was confined to a phase of consolidation.

GBP/USD rebounded from an 11-month low of 1.5952 and stretched to a daily high of 1.5996 at the beginning of the New York session in lackluster trading in the absence of first-tier economic data as investors remain sidelined ahead of the FOMC minutes (Wednesday) and the Bank of England policy decision (Thursday).

GBP/USD technical levels

At time of writing, GBP/USD is trading at the 1.5985, still up 0.16% on the day, with immediate resistance at 1.5996/1.6000 (intraday high/psychological level) followed by 1.6050 (Sept 10 low) and 1.6100 (psychological level). On the other hand, supports are seen at 1.5951 (Oct 3 low), 1.5900 (psychological level) and 1.5877 (Nov 13 2013 low).

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