NEW YORK (Forex News Now) – As of around 8:20 A.M. GMT on Wednesday, sterling was erasing its recent losses and approaching an 8-month high against the dollar in European morning currency market trading.
This is what the analysts say about the heavily traded currency pair in the near-term:
FXstreet says the long-term view on is still mixed until a solid close under 1.5828 is achieved. “We have a possible reversal wave count but she would need to move lower soon,” the realtime forex news site says.
Forexcyle, meanwhile, points out that decline to test key support at 1.5669 could be seen.
According to the site’s GBP USD analysis, “A breakdown below this level will indicate that the rise from 1.5296 has completed, then the following downward move could bring price to 1.5200 area.”
In a report geared towards technical analysis trading, meanwhile, Actionforex notes that while more consolidations could still be seen below 1.6016, a further rise is still likely with 1.5668 support intact.
The site adds, “Above 1.6016 will target 61.8% projection of 1.4230 to 1.5997 from 1.5296 at 1.6388 next.”