GBP/USD forex technical analysis round-up: Oct. 21

ForexNewsNow | Published on October 21, 2010 at 4:33 am

GBP USD analysis - the Union JackNEW YORK (Forex News Now) – As of around 8:30 A.M. GMT on Thursday, sterling was trimming losses against the U.S. dollar ahead of a key repot on U.K. retail sales in European morning currency market trading.

This is what the analysts say about the heavily traded currency pair in the near-term:

FXstreet noted that weekly support for cable is at 1.5650, where there is confluence, and that the move down overnight appears corrective.

The realtime forex news site adds that, “A break of 15760 would open the way for a move down to 1.5700 and 1.5650 support. A move up through 15816 open the way for 1.5858, 1.5900 and 1.5933.”

Forexcyle, for its part, says GBP/USD is in a downtrend and the bounce from 1.5649 should be treated as correction of downtrend.

According to the site’s intraday analysis, “Deeper decline to 1.5400 area is expected after correction.”

Meanwhile, in a report aimed at technical analysis trading, Precise Trader holds that the MA suggests a choppy session with an upside bias, and the oscillators are bullish.

The site adds, “The Hourly Trend has been in a Range Trading and the Patterns are suggesting that Higher Highs are expected, 15790-35 are the Critical levels to watch to maintain the Bullish Outlook.”

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