Forex: GBP/USD consolidates around 1.6000

FXstreet.com (Córdoba) - After slumping toward a 7-week low of 1.5974 at the beginning of the NY session, the pound managed to stabilize and recovered some ground as risk appetite improved somewhat. GBP/USD bounced from lows but stalled at the 1.6015 area and entered in a consolidation phase around the 1.6000 level within the last hours.

At time of writing, GBP/USD is trading at the 1.5995/1.6000 region, 0.4% below its opening price, virtually unchanged after the publication of the Fed's Beige Book which showed US economy continued to expand at a moderate pace in December.

In terms of technical levels, the Talking-Forex.com team sees supports at 1.5962/20 and then at 1.5828. On the other hand, resistance levels are seen at the 10DMA line at 1.6079, the 21DMA line at 1.6137 and then at 1.6182.

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