FXstreet.com (Córdoba) - The Pound is consolidating above 1.6200 after finding support at 1.6220. GBP/USD currently trades at 1.6256/60, the same price it had at the beginning of the day. The pair failed to hold above 1.6300 and lost previous gains. At 1.6270 the pair has an immediate resistance zone and above the next one lies at 1.6315/20 and above at 1.6345 (intra-day high). To the downside support levels lie at 1.6210/15 (intra-day low) and below at 1.6160/65 (December 09 low).
The FastBrokers Research Team comments: The Cable is consolidating above our 2nd tier uptrend line after the BoE decided to keep its monetary policy unchanged as it monitors what impact the present QE package will have on overall economic performance. Meanwhile, bulls are trying to keep the Cable's head above water as the EUR/USD and gold undergo similar consolidative patterns. Today's bounce in the Cable hasn't been too much to speak of thus far, indicating recent downward pressures are still intact.