GBP/USD forex technical analysis round-up: Dec. 1

ForexNewsNow | Published on December 1, 2010 at 2:57 am

NEW YORK (Forex News Now) – The pound was rising slowly against the dollar today, trading at 1.5566 as of around 7:50 A.M., GMT on Wednesday.

Cable is up from an opening price of 1.5563 and has reached a session high of 1.5594 with a low of 1.5553 so far.

This is what some of the analysts say about the currency pair in the near-term:

FXstreet writes that it is expected a small pullback toward the 1.5633-1.5723 area.

“Shorter timeframes I can see a slightly wonky reverse Head and Shoulders that could send the pair higher towards these short term targets. I would then expect another turn lower, through the low at 15380, towards 15089,” it adds in its intraday analysis.

Forexcycle suggests that GBP/USD will trade in a range between 1.5484 and 1.5646 in the next couple of days.

The realtime forex news site adds, however, that “a breakdown below 1.5484 will indicate that the downtrend from 1.6093 has resumed, then next target would be at 1.5400 area.”

Precise Trader writes that a cautious approach is needed as hourly oscillators are mixed and the price is below MA.

Hourly trend is limited down while 15635 holds and daily trend is also limited down while 15775 holds, so expect the price to have a minimum downside and the bears have to be cautious,” it adds.



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