Forex: GBP/USD consolidates around 1.6000

FXstreet.com (Córdoba) - After slumping toward a 7-week low of 1.5974 at the beginning of the NY session, the pound managed to stabilize and recovered some ground as risk appetite improved somewhat. GBPUSD bounced from lows but stalled at the 1.6015 area and entered in a consolidation phase around the 1.6000 level within the last hours.

At time of writing, GBPUSD is trading at the 1.5995/1.6000 region, 0.4% below its opening price, virtually unchanged after the publication of the Fed's Beige Book which showed US economy continued to expand at a moderate pace in December.

In terms of technical levels, the Talking-Forex.com team sees supports at 1.5962/20 and then at 1.5828. On the other hand, resistance levels are seen at the 10DMA line at 1.6079, the 21DMA line at 1.6137 and then at 1.6182.