GBP/USD forex technical analysis round-up: Dec. 13

ForexNewsNow | Published on December 13, 2010 at 4:38 am

NEW YORK (Forex News Now) – The pound was falling against the greenback today, trading at 1.5742 as of around 9:30 A.M., GMT.

Cable is down 0.38% on the day and has reached a session high of 1.5807 with a low of 1.7533 so far.

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

FXstreet says GBP/USD will trade in a range between 1.5712 and 1.5900.

“In this large wedge formation making for choppy trading. While we stay inside the wedge (15762 – 15880) the bias remains to the upside. A break lower through the base and we should see 15500 quickly,” it writes in its intraday analysis.

Forexcycle writes that the currency pair’s bounce from 1.5484 extended to as high as 1.5861 level.

“Initial support is at 1.5710, as long as this level holds, uptrend is expected to continue and next target would be at 1.5900-1.5950 area. Key support is at 1.5655, only break below this level could indicate that the rise from 1.5484 is complete,” the realtime forex news site adds.

Finally, Mizuho Corporate Bank notes that the pound is clinging to the lower edge of a daily Ichimoku cloud.

“The 9-day moving average limiting recent lows, and the lagging span getting a tiny lift from November’s ‘cloud’. Hopefully a daily close above the 26-day moving average at 1.5850 might turn momentum bullish,” it adds in its column aimed at FX traders.

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