FXstreet.com (Barcelona) - Sterling has consolidated positions above 1.6200 level against the Greenback after falling to post 6-week low at 1.6160 in the early American morning. Currently the pair is trading around 1.6230/40, 0.50% below today opening price action.
Pound is attempting to recover against Dollar on the back of the better than expected US new home sales index and US market easing initial loses.
Valeria Bednarik, FXstreet.com collaborator, comments: GBP/USD fell to 1.6160 from where the pair began a small upside correction, yet 1.6270/1.6300 should keep the upside capped today. Consolidation at current level, will be just a rest in the new born downtrend.