FXstreet.com (Barcelona) - After testing intra-day lows at 1.5860 during the European and early American session, GBP/USD has risen to trade above 1.5900 level and test MA55 level in horuly chart at 1.5920. Currently the pair is trading around 1.5900/10, 0.05% below today's opening price action at 1.5915.
Below 1.5860, next support levels lie at 1.5800 (Jun low/Oct 2 low) and below there, 1.5770 (Sept 28 low). On the upside, resistance area lies at 1.5945/55 (session high/Oct 2 high), and above here, 1.6000 and 1.6050 (Oct 6 high).
On a wider perspective, the Kshitij Consultancy Service Team, sees the Pound giving signals ranged consolidation for the next sessions: The 55-MA on the 4H chart is showing signs of flattening which is a good indicator of a ranged consolidation over the next few sessions. The range could be between 1.5820-1.6040. If it continues to consolidate, we might have to stop looking towards 1.6150 any further and look to Short near 1.6040 itself.