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Forex: GBP/USD extends consolidation into NY session

FXstreet.com (Córdoba) - The pound trades marginally lower against the dollar, having spent most of the day within a slim range unable to set a fresh direction. GBP/USD is currently trading down 0.1% at the 1.5530 area, having hit a low of 1.5520 and a high of 1.5550, where the 100-hour SMA acted as dynamic resistance.

From a technical perspective, Valeria Bednarik, chief analyst at FXstreet.com recently commented that the failure to regain the upside, and a short term double roof around 1.5605 - 50% retracement of its latest daily fall - are now suggesting a possible downward correction in the pair. "Strong support is located in the 1.5490 area, so once below, the downside is expose towards 1.5420, 38.2% retracement of the same rally", Bednarik said.

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