FXstreet.com (Barcelona) - The Sterling is trading in consolidation mode against the Dollar today's session after the last bearish movement from October 8 high at 1.6120 to post lowest level since May 21th.
During the Asian session, GBP/USD has been trading inside a narrow range between 1.5960 and 1.5800 and currently the pair has reached intra-day low at 1.5730 to trade around 1.5760/70, 0.25% below today's opening price action at 1.5799.
Tomas Cedavicius, Analyst at Investija.com, comments: GBPUSD Once again bears are looking forward to hit support level. A possible breakout of support can extend downside movement.
Nicole Elliott, analyst at Mizuho Corporate bank, expects pair to trade above 1.5900: Trapped below the bottom of a small 'flag' and above the first medium term Fibonacci retracement support. Expect more of the same as Cable is torn between sterling weakness and US dollar selling.
Elliot shares us with her today's strategy: Possibly attempt tiny longs at 1.5770; stop below 1.5700. First target 1.5925.