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

ForexNewsNow | Published on December 2, 2010 at 4:55 am

UK flagNEW YORK (Forex News Now) – The pound was rising against the dollar today, trading at 1.5651 as of around 9:50 A.M., GMT on Thursday.

Cable is up 0.192% on the day and has reached a session high of 1.5667 with a low of 1.5586 so far.

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

Forexcycle writes that downtrend consolidation is underway and GBP/USD could trade in a range between 1.5484 and 1.5700 in a couple of days.

However, it adds in its intraday analysis, “downtrend is expected to continue after consolidation, and a breakdown below 1.5484 will indicate that the downtrend has resumed, then next target would be at 1.5300-1.5400 area.”

FXstreet quotes Mizuho Corporate Bank as saying that the currency pair could attempt longs at 1.5625, adding to 1.5550, with a stop below 1.5480.

“Luckily keeping out of the limelight with a small bounce from Fibonacci 38% retracement support. This might be the start of an interim base but this might be a long drawn-out process,” the online FX trading site continues.

Meanwhile, in its analysis aimed at FX traders, Precise Trader notes that hourly trend is turning up while 1.5520 holds and daily trend is limited down while 1.5820 holds.

“Expect the price to turn up soon, so the bears may stay sidelined and the bulls get ready to pull the trigger,” it adds.

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