GBP/USD forex technical analysis round-up: Nov. 24

ForexNewsNow | Published on November 24, 2010 at 4:07 am

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UK map flagNEW YORK (Forex News Now) – As of around 9:00 A.M. GMT on Wednesday, sterling was rising against the greenback, as risk aversion sparked by the crisis on the Korean peninsula finally eased.

This is what the analysts say about GBP/USD in the near-term:

FXstreet quotes Mizuho Corporate Bank as saying that sterling is “dropping another notch against the US dollar, in line with other currencies, and breaking trendline support.”

Forexcycle notes in its intraday analysis the currency pair continues its downward movement, extending to as low as 1.5758 level.

“Resistance remains at the downtrend line from 1.6298 to 1.6182, as long as the trend line resistance holds, downtrend is expected to continue and next target would be at 1.5600-1.5700 area,” it continues.

In its technical analysis report, Precise Trader writes that the daily trend plunged below the prior day’s low and that the bears were holding till the close, signifying more weakness.

The report adds, “The hourly trend has been in a trading range with no price targets and the patterns are suggesting a choppy session until the break. 1.5835-1.5920 are the critical levels to watch to maintain the bearish outlook.”

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