GBP/USD forex technical analysis round-up: Dec. 6

ForexNewsNow | Published on December 6, 2010 at 3:42 am

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NEW YORK (Forex News Now) – The pound suffered heavy losses against the greenback today, trading at 1.5716 as of around 8:35 A.M., GMT.

Cable is down 0.35% from Friday’s close and has reached a session high of 1.5775 with a low of 1.5716 so far.

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

FXstreet writes that the daily chart is still showing a bearish bias with 1.5839 a key level.

“If the short term bull count is to unfold we should expect a move higher soon (before 15683) to take the pair up to 15839 then 15966. A break of 15669 breaks this view,” it adds in its intraday analysis.

Forexcycle, for its part, notes that pullback from the channel resistance will likely be seen later in the day.

The realtime forex news site adds: “Support is at 1.5650, a breakdown below this level will indicate that a cycle top has been formed, then another fall to 1.5300-1.5400 area could be seen. Only a clear break above the channel resistance could suggest that lengthier consolidation of downtrend is underway.”

Finally, Precise Trader writes that hourly oscillators are bullish and price is above MA, so the bears have to be sidelines.

“Hourly trend is sideways up while 1.5695 holds and daily trend is turning up while 1.5485 holds, so expect the price to be choppy with a potential to break higher,” it adds.

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