NEW YORK (Forex News Now) – As of around 9:15 A.M. GMT on Monday, sterling was bouncing against the U.S. dollar as it pared recent losses in European morning currency market trading.
This is what the analysts say about the heavily traded currency pair in the near-term:
FXstreet quotes Windsor Brokers as saying that, “Attempts to form a double bottom at 1.5649/51, as the latest strength broke through trendline resistance, connecting 1.6105 and 1.5877 tops, though regain of 1.5826/77 is required to signal further recovery and resume underlying bull-trend.”
The realtime forex news site adds, however, that early upside rejection and loss of 1.5649 would indicate fresh weakness under way and expose the price zone of 1.5603 next.
Forexcyle, for its part, notes that GBP/USD is in a downtrend from 1.6105, with another fall towards 1.5400 appearing more likely in the coming days.
According to the site’s intraday analysis, “Key resistance is now at 1.5877, only break above this level could indicate that the downward move from 1.6105 has completed at 1.5649 already, and the uptrend from 1.5296 has resumed.”
Meanwhile, in a report aimed at technical analysis trading, Precise Trader points out that the hourly trend has been creeping higher with 1.5835-80/1.5960 as price targets.
The analyst adds, “The Opening Price Principles are Mixed but USD is Weak against most Crosses, so the Bears may have to be Sidelined until 15645-25 is regained.”