GBP/USD forex technical analysis round-up: Nov. 2

ForexNewsNow | Published on November 2, 2010 at 5:02 am

GBP USD analysis - a pile of poundsNEW YORK (Forex News Now) – As of around 9:00 A.M. GMT on Tuesday, sterling was continuing its upward push against the U.S. dollar trading at 1.6072 after opening the day at 1.6042 in European morning currency trading.

The pound was trading up 0.18% from its open of 1.6042. The day’s high for GBP/USD so far was 1.6077 with a low at 1.6034.

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

FXstreet reported that “immediate resistance lies at 1.6085 (Nov 1 high), and above here, 1.6105 (Oct 15 high) and 1.6180 (Jan 29 high)” adding that “support levels lie at 1.6035 (session low) and below here, 1.5995 (Nov 1 low/Daily pivot point S1) and 1.5940 (Daily pivot S2).”

Forexcycle for its part indicated that 1.6105 represents a key key resistance level that if broken “would indicate that the longer term uptrend from 1.5296 (Sept 7 low) has resumed, then next long term target would be at 1.6500 area.”

The realtime forex news outlet placed support at 1.5875.

Forexpros offered GBP/USD technical analysis which noted that “first resistance is yesterday’s peak at 1.6090. Break above it should extend the bullish movement further towards the psychological 1.6200.”

The online forex news site added that “the nearest support is yesterday’s bottom at 1.5989. Going bellow it should extend British Pound’s reduction further down towards next downward objective 1.5876.”

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