Forex: GBP/USD consolidates above 1.6200

FXstreet.com (Córdoba) - Even though the Cable managed to make a marginal new high during the European session, it lacked enough momentum to extend gains and, as most crosses in the FX market, entered in a consolidation phase just below.

After peaking at a 3-month high of 1.6225, the GBPUSD pulled back although it quickly found buyers at the 1.6200 area. At time of writing, the pair is trading at 1.6215, still up 0.1% on the day.

From a technical view, the Kshitij Consultancy Services Team notes that the overall bigger picture remains intact for a further rose towards 1.6300 and even to 1.6450 in the coming days. "Dips are now expected to find support near 1.6165 which should cap the downside".