GBP/USD forex technical analysis round-up: Dec. 9

ForexNewsNow | Published on December 9, 2010 at 4:50 am

NEW YORK (Forex News Now) – The pound was falling against the greenback today, trading at 1.5776 as of around 9:45 A.M., GMT.

Cable is down 0.18% on the day and has reached a session high of 1.5841 with a low of 1.5772 so far.

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

FXstreet writes that GBP/USD looks set to break the key level at 1.5839.

A break and I would look to 15900 and 16000 as key targets. Even a refusal there and I would look to buy on dips with 15768 the support level,” it adds in its intraday analysis.

Forexcycle notes that the currency pair’s rise from 1.5484 extended to as high as 1.5835 level.

“Further rise is still possible later today and next target would be 1.5950 area. Support is at 1.5655, only break below this level could indicate that the upward move from 1.5484 has completed,” it adds in advice to FX traders.

Finally, Precise Trader writes in its online FX trading column that the hourly oscillators are mixed so a cautious approach is needed.

“Hourly Trend is Sideways while 15650 holds and Daily Trend is Turning Up while 15485 holds, so expect the Price to be Choppy until the Breakout,” it adds.

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