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Forex: GBP/USD consolidates below 1.5200

Even though the recovery of the pound versus the greenback stalled just ahead of the 1.5200 level during the European session, the subsequent pullback was quite shy, confining the cross to a phase of consolidation.

GBP/USD was contained by the 1.5140 area, and the pair has been trading within 1.5140/1.5195 ever since. At time of writing, GBP/USD is quoting around 1.5175, still up 0.4% on the day.

On the upside, if the cross manages to overcome the 1.5195/1.5200 area, next resistances are seen at 1.5220 (high Feb 28) and 1.5300 (psychological level). On the other hand, supports could be faced at 1.5105 (intraday low), 1.5050 and 1.5000.

Forex Flash: FDI helps fund Australian account deficit – ANZ

Today’s Q4 BoP data confirm foreign direct investment (FDI) remains the only funding source for Australia’s current account deficit. “In terms of the persistence of these inflows, this is the ninth positive net FDI inflow, an outcome that has not been matched since 1991. We are positioned for a strong AUD via AUD/NZD.” notes Andrew Salter, an FX Strategist at ANZ.
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