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Currency
by ForexNewsNow Team on October 19, 2010

GBP/USD forex technical analysis round-up: Oct. 19

GBP USD analysis - a heap of poundsNEW YORK (Forex News Now) – As of around 7:30 A.M. GMT on Tuesday, sterling was falling against the U.S. dollar for a third day in early European currency market trading.

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

FXstreet says if the pair can manage to take out the daily low, then cable could next target 15800 and 15780.

The realtime forex news site adds that, “A move through 15900 would bring 15965 and possibly 15973 into play before the next leg lower.”

In a report aimed at technical analysis trading, meanwhile, Forexcycle says GBP/USD is facing the lower border of the price channel on the 4-hour chart.

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

FX360, for its part, in an earlier report also sees the current bias for GBP/USD as negative in the medium-term.

Nonetheless, the site’s intraday analysis states that in the event of a rally, it would be advisable to “sell GBP/USD at 1.6182. Stop at 1.6255. Profit target at 1.6255.”

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