Province of Pontevedra,
Galicia, and a product of local
Celta de Vigo's youth ranks, Couñago made his professional debuts in
Segunda División, loaned to
CD Numancia, but returned in January 1999 to his first club, failing to appear in
La Liga in his first spell.
1999–2000, he returned to the second level yet on loan, now with
Recreativo de Huelva, after which he returned to Vigo still with no impact (all of his league appearances were made
After impressing in a
4–0 win over
Birmingham City's ground, Couñago was signed by
Ipswich Town in the late spring of 2001, as manager
George Burley had been in the stands watching his performance. The player, who was out of contract, signed a four-year deal.
Couñago scored at will in his first spell for the Blues, netting twice against
Walsall (3–2 at home),
Burnley (6–1 at
 and at
West Ham United (2–1, with both teams eventually
 and adding a
FC Avenir Beggen for the
2002–03 UEFA Cup, in an 8–1 home thrashing (9–1 on aggregate; Ipswich had suffered
top level relegation, but qualified for
Europe through the
fair play award).
Málaga CF in
 scoring three times in 27 matches as the
Andalusians finished bottom of the table. He produced more in
the following year, but the club failed to regain its top flight status.
Back to Ipswich
After being released by Málaga, Couñago re-signed for Ipswich on a two-year deal on 13 July 2007, extendable to three if the club gained promotion.
 Ipswich manager
Jim Magilton said of the player: "I have always looked at Pablo as a player with all the attributes to be top class. He enjoyed a good relationship with the fans of this club, but I don't think anyone really saw the best of Pablo in his first spell here". The player stated: "It's great to be back here at Ipswich. I'm really excited about the move. As soon as I knew that Jim wanted me I was keen to come back. It's good to feel wanted. I also know the way Jim likes to play football, pass, pass, pass and that is good for me as well". He scored a return debut goal in the 4–1 home win against
 and added two the following month against
Coventry City (same venue, same result).
Couñago was the team's joint-top scorer for the
with 12 goals.
 One of those goals, an audacious backheel in a 1–3 defeat to
Charlton Athletic on 8 December 2007, was voted goal of the campaign, also being one of the winners at Town's 2007–08 awards night.
On 21 February 2009, Couñago started his 192nd league game for Ipswich and scored his 50th league goal for the club, in a 3–1 win at promotion rivals
Queen Park Rangers (both sides eventually
 In the summer, he turned down the chance to join
Swansea City following the arrival of
Roy Keane as manager,
 but joined
Crystal Palace on loan a year later, reuniting with former Ipswich boss Burley.
On 6 November 2010, Couñago scored his first goal for Palace, in a 1–2 loss at
 opening his home account on the 27th in the 1–0 win over
Doncaster Rovers. In June 2011, aged nearly 32, he was released by Ipswich.
Subsequently, Couñago played five months with
Đồng Tâm Long An F.C. in Vietnam, helping the club promote to the
V-League during his spell. On 2 October 2012, he joined
Hong Kong First Division League club
Kitchee SC, for an undisclosed fee; he made his debut for his new team five days later, against
Yokohama FC Hong Kong, coming on as a 62nd-minute substitute for compatriot
Couñago scored ten goals in 28 official appearances in
his only season, and his 30-yard shot against
Sun Pegasus FC helped the club
Hong Kong FA Cup,
 while he also played a part in its
quarterfinal run in the
AFC Cup. In May 2014, after one year with lowly
CD Choco in
Tercera División, he signed for Finland's