Forex: GBP/USD seeing little action, but gently offered toward 1.60

FXstreet.com (San Francisco) - The GBPUSD remains relatively flat so far this Wednesday after rallying as high as 1.6055 overnight (4-week high), last quoted at 1.6015 as we near the end of this low volatility session.

From Valeria Bednarik, Chief Analyst at FXstreet.com: "Mostly ranging, the pair is stuck in a 60 pips range since Friday American session, and unless a clear break below 1.5990 or above 1.6065 strong static resistance level, won't be expecting much action in the pair."

The Kshitij Consultancy Services Team says that GBPUSD holds scope for a "fall back to 1.5950-00 or may be even lower," it says in a research note. "The downtrend since September remains intact."

Should GBPUSD manage to break out of its consolidative range, Ms. Bednarik identifies resistance levels at 1.6040 and, beyond the cited 1.6065 mark, at 1.6100. Beyond the mentioned 1.5990, bearish targets lie at 1.5950 and 1.5920.

Not much is on offer in the session ahead in the way of UK data, as focus lies on growth in the eurozone's money supply (M3), which is expected to slow to 2.8% YoY from 3.0%. German inflation is expected to ease to 2.0% YoY in November from 2.1%. On the other side of the pond, markets will look to the Fed's Beige Book later today, which will give cues ahead of the FOMC meeting on Dec. 12.

At the time of writing, GBPUSD has inched down to its intraday lows, but still remains above the 1.60 figure, for now.