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Forex: GBP/USD trades on consolidation mode around 1.5240

FXstreet.com (San Francisco) - After falling around 130 pips from the 1.5350 area throughout the Asian and European session, the GBP/USD found support at the lowest level since April 5th at 1.5215 in the American session. After that, the GBP/USD has been trading in consolidation mode between 1.5230 and 1.5255.

Even after the Fed's Beige Book, the cable remained inside this range. Currently the pair is at 1.5240, 0.75% below opening price. Par is slightly bearish according to the FXstreet.com trend index with indicators such MACD, CCI and Momentum pointing lower while the Stochastic going bullish in the 1-hour chart.

Below the 1.5230, next supports are at 1.5215 and 1.5200 level. Resistances are at 1.5260, 1.5270 and 1.5315.

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