GBP/USD forex technical analysis round-up: Dec. 8

ForexNewsNow | Published on December 8, 2010 at 4:26 am

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NEW YORK (Forex News Now) – The pound was falling against the greenback today, trading at 1.5696 as of around 9:15 A.M., GMT.

The pound is down 0.40% on the day and has reached a session high of 1.5767 with a low of 1.5669 so far.

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

FXstreet quotes Mizuho Corporate Bank as saying that yesterday’s small spike high has pushed cable below the lower edge of a rising daily Ichimoku cloud.

“Therefore we shall probably consolidate below 1.5800 today. Watch to see whether the 9-day moving average will provide support,” it adds in its intraday analysis.

Meanwhile, Forexcycle writes that the GBP/USD is forming a cycle top at 1.5821 level on 4-hour chart.

“Key support is at 1.5655, a break below this level will confirm the cycle top, then another fall towards 1.5484 previous low could be seen. Only break above 1.5821 could bring upside further to 1.5900 area,” the realtime forex news site adds.

Finally, Precise Trader writes that the hourly oscillators are bearish but week and the price is within MA, so a cautious approach is needed for the bears.

“Hourly trend is sideways while 1.5650 holds and daily trend is turning up while 1.5485 holds, so expect the price to be choppy until the breakout,” it adds.

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