Forex: GBP/USD consolidating in tight 30-pip range

[John Starks]

GBP/USD sits quietly within a 30-pip range around the 1.5360 area at the start of trading this Monday, practically unchanged after closing down 0.3% on Friday.

The notably weak UK PMI, which fell to 45.9 vs. a consensus of 49.7 surprised markets, the latest to weigh on the pound.

“Above 1.5420, the pair may attempt a recovery towards the 1.5460 area, yet unless a clear acceleration above this last, the downside will remain favored,” says Valeria Bednarik, Chief Analyst at FXstreet.com; “breaks below 1.5330 in the short term should lead to a retest of past Friday’s low around 1.5260.”