NEW YORK (Forex News Now) – As of around 9:10 A.M. GMT on Tuesday, sterling was extending its losses against the dollar, hitting a 5-day low in early European currency market trading.
This is what the analysts say about the heavily traded currency pair in the near-term:
According to FXstreet, GBP/USD is “still very mixed” in light of its inside red candle on Monday.
Forexcyle, for its part, noted that as long as the channel support (at 1.5850) holds, cable’s uptrend is expected to resume, with another rise towards 1.61 still possible.
According to the site’s GBP USD analysis, “Only a clear break below the channel support will indicate that lengthier consolidation of uptrend is underway, then deeper decline to test 1.5669 key support could be seen.”
In a report geared towards technical analysis trading, meanwhile, Actionforex said cable’s upside momentum remains unconvincing, although short-term outlook was bullish – as long as support at 1.5668 holds.
The realtime forex news site added that, “On the downside, break of 1.5668 will in turn indicate that rise from 1.5296 is finished and flip bias back to the downside for this support.”