by ForexNewsNow Team on October 18th, 2010

GBP/USD forex technical analysis round-up: Oct. 18

GBP USD analysis - a pile of poundsNEW YORK (Forex News Now) – As of around 9:50 A.M. GMT on Monday, the dollar was consolidating gains versus sterling after rising to a 4-day high n early European currency market trading.

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

FXstreet quotes an analyst from Windsor Brokers as saying that over 61.8% of the 1.3774/1.4156 upleg has been retraced so far.

The realtime forex news analyst adds that, “Near-term studies are now negative, though, holding above 1.3774 keeps short-term bulls in play, with higher low required above the latter, for fresh attempt towards 1.4156.”

Action Forex, meanwhile, points out that upside momentum in GBP/USD remains “unconvincing.”

But according to the site’s intraday analysis, “as long as 1.5754 support holds, further rise is still mildly in favor. Above 1.6104 will target 61.8% projection of 1.4230 to 1.5997 from 1.5296 at 1.6388 next.”

Meanwhile, in a report aimed at technical analysis trading, Forexcycle says range trading for GBP/USD between 1.5755 and 1.6105 is likely to be seen in the coming days.

The site adds that, “Key support is at 1.5755, as long as this level holds, the price action from 1.6105 is treated as consolidation of uptrend from 1.5296, and another rise to 1.6200 is still possible.”

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