GBP/USD forex technical analysis round-up: Dec. 15

NEW YORK (Forex News Now) – The pound was falling against the greenback today, trading at 1.5759 as of around 9:00 A.M., GMT.

The pound is down 0.095% on the day and has reached a session high of 1.5774 with a low of 1.5712 so far.

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

Forexcycle writes that GBP/USD’s rise from 1.5484 extended to as high as 1.5910 level.

“Key support is at 1.5711, as long as this level holds, uptrend is expected to continue and next target would be at 1.6000 area. However, a breakdown below 1.5711 will indicate that the upward move from 1.5484 has completed at 1.5910 already, then the following bearish movement could bring price back to 1.5600 area,” it adds in intraday analysis.

Mizuho Corporate Bank notes that the currency pair is struggling with the 26-day moving average at 1.5835 and falling below the bottom edge of the daily Ichimoku ‘cloud’.

“So much for the short-squeeze we had predicted. Expect more sideways work until at least the end of the week,” it adds in its column for online FX trading.

Finally, Compass Global Markets writes that cable will remain bearish while it is below 1.5850 and our short term target is 1.5550 with a extended level being 1.5420.

“Intra day types could look for opportunities near 1.5800 for shorts and buyers near the NY session low of 1.5735 with tightish stops,” it adds in advice for FX traders.