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Currency
by ForexNewsNow Team on October 14, 2010

GBP/USD forex technical analysis round-up: Oct. 14

GBP USD analysis - a heap of poundsNEW YORK (Forex News Now) – As of around 11:15 A.M. GMT on Thursday, sterling was surging versus the dollar after touching a fresh 8-month high above the 1.6 mark in European morning currency market trading.

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

Actionforex says intraday bias is back on the upside. The site expects the GBP/USD rally next to target 61.8% projection of 1.4230 to 1.5997, from 1.5296 at 1.6388.

“On the downside, below 1.5960 minor support will turn intraday bias neutral and bring consolidation,” the realtime forex news site adds.

Meanwhile, Forexcyle notes that the rise from 1.5755 is more likely resumption of uptrend from 1.5296.

According to the site’s GBP USD, “Key support is now at 1.5755, only break below this level will indicate that the uptrend from 1.5296 has completed at 1.6017 already, then the following downward move could bring price back to 1.5200 area.”

In a report geared towards technical analysis trading, meanwhile, FXstreet quoted a Windsor Brokers analyst as saying that a break of the 1.6070/1.6100 zone may extend the broader uptrend off 1.4230 towards 1.6250, near-term.

According to FXstreet, the analyst adds, “Downside, 1.5880 supports the advance and only loss of 1.5754 would weaken the structure.”

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