GBP/USD forex technical analysis round-up: Dec. 28

ForexNewsNow | Published on December 28, 2010 at 3:45 am

NEW YORK (Forex News Now) – The pound was rising against the dollar today, trading at 1.5438 as of around 8:40 A.M., GMT.

Cable is up 0.11% on the day and has reached a session high of 1.5489 with a low of 1.5416 so far.

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

FXstreet writes that GBP/USD should trade in a range between 1.5370 and 1.5560.

“Breaking above the descendant trend line, that capped the upside for more than 1 week, pair is still struggling with recent 1.5440/60 resistance zone,” it writes in intraday analysis.

“Hourly indicators however favor the upside, as well as 4 hours ones that show increasing bullish momentum: acceleration above recent highs, should favor a continuation rally towards the 1.5520 price zone, where 200 EMA will offer some resistance ahead of stronger 1.5560 price zone,”

Forexcycle writes in GBP/USD analysis that the currency pair has formed a cycle bottom at 1.5356 level on 4-hour chart.

“The bounce from 1.5356 is treated as consolidation of downtrend from 1.5910, as long as 1.5575 key resistance holds, another fall to test  1.5296 (Sep 7 low) long term key support is still possible, a break below this level will confirm that the long term uptrend from 1.4230 (May 20 low) is complete,” the realtime forex news site adds.

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