Forex: GBP/USD stands at 1.59, above 200 DMA

FXstreet.com (San Francisco) - GBPUSD is consolidating losses made overnight Friday, holding practically flat around the 1.5900 mark with players sidelined due to the upcoming Veterans Day holiday today in the US. Tight ranges are expected until tomorrow, with spot trading above the 200-day EMA (1.5880) and around a 38.2% Fibonacci retracement of the advance from 1.5266 to 1.6308.

According to Valeria Bednarik, Chief Analyst at FXstreet.com, GBPUSD is near the base of a descendant channel coming from 1.6308, a break of which "will likely favor a downward continuation, looking then for 1.5770 strong midterm static support area," says the analyst. "Price needs to advance and consolidate above 1.5950 to erase the intraday bearish tone and attempt a retest of the 1.60 area."

On Wednesday, US retail sales will be a significant risk event, along with prelim 3Q euro zone GDP on Thursday. Bank lending from China is on offer this week as well, due for release on Thursday.