Forex: GBP/USD consolidates below 1.5200

Even though the recovery of the pound versus the greenback stalled just ahead of the 1.5200 level during the European session, the subsequent pullback was quite shy, confining the cross to a phase of consolidation.

GBP/USD was contained by the 1.5140 area, and the pair has been trading within 1.5140/1.5195 ever since. At time of writing, GBP/USD is quoting around 1.5175, still up 0.4% on the day.

On the upside, if the cross manages to overcome the 1.5195/1.5200 area, next resistances are seen at 1.5220 (high Feb 28) and 1.5300 (psychological level). On the other hand, supports could be faced at 1.5105 (intraday low), 1.5050 and 1.5000.