GBP/USD forex technical analysis round-up: Dec. 7

ForexNewsNow | Published on December 7, 2010 at 3:29 am

UK flagNEW YORK (Forex News Now) – The pound was soaring against the greenback today, trading at 1.5783 as of around 8:20 A.M., GMT.

Cable is up 0.43% on the day and has reached a session high of 1.5791 with a low of 1.5703 so far.

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

FXstreet writes that a move through 1.5730 would suggest GBP/USD is going to target news lows with 1.5640 key.

“If she can push through there and target 15574 then the larger bear count is back on. A move through the high at 15788 invalidates this count and would look to break 15839,” the online FX trading site adds.

Forexcycle writes that the currency pair pulled back from 1.5787, suggesting that a cycle top is being formed.

“Key resistance is now at 1.5787, as long as this level holds, downtrend from 1.6298 is expected to continue and another fall to 1.5300-1.5400 is possible. However, a break above 1.5787 will indicate that lengthier consolidation of downtrend is underway, then next target would be at 1.5900 area,” it continues in its intraday analysis.

Finally, Precise Trader notes that a cautious approach is needed aas the hourly oscillators are mixed and the price is above MA.

“Hourly trend is turning up while 1.5620 holds and daily trend is also turning up while 1.5485 holds, so expect the price to turn up soon,” it adds in its advice to FX traders.

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