Forex: GBP/USD consolidates below 100-hour SMA

FXstreet.com (Córdoba) - The British pound started the week with a soft tone and lost ground versus the greenback after being rejected from a high of 1.5594 during the UK bank holiday. However, after dropping over 70 pips from highs, GBP/USD found support at the 1.5520 zone during the New York session, as risk appetite improved.

GBP/USD had repeatedly failed to break above 1.5600 last week and instead it was confined to a phase of sideways consolidation.

At time of writing, GBP/USD is trading around 1.5530/40, where it records a 0.2% loss on the day and with immediate supports at 1.5479 (May 3 low) and 1.5463 (10-day SMA). On the other hand, resistances could now be found at 1.5550 (100-hour SMA) and 1.5605 (May 1 high).