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Currency
by ForexNewsNow Team on October 27, 2010

GBP/USD forex technical analysis round-up: Oct. 27

GBP USD analysis - a heap of poundsNEW YORK (Forex News Now) – As of around 1:30 P.M. GMT on Wednesday, sterling was trimming losses against the U.S. dollar in European afternoon currency market trading.

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

Forexcycle notes that GBP/USD broke above 1.5877 resistance, estimating that a further rise to the 1.595-1.6 area, to reach next cycle top on the 4-hour chart, could be seen.

The realtime forex news site adds, “As long as 1.6105 resistance holds, we’d expected downtrend to resume and one more fall towards 1.5400 is still possible.”

FXstreet, meanwhile, quotes an analyst from Windsor Brokers as saying that a higher low above 1.5689 is now required for GBP/USD to maintain a near-term positive structure, with clearance of 1.5895 necessary to expose 1.5940 next, according to the site’s intraday analysis

But the analyst notes that, “The key barrier lies at 1.6105, break of which is needed to resume broader recovery off 1.4230. Downside, loss of 1.5649 weakens the tone.”

In a report aimed at technical analysis trading, Precise Trader says the hourly trend has been in range trading, with no price targets and the patterns suggesting a choppy session until the break.

The site adds, “The Opening Price Principles are Mixed, so Cautious approach is needed until the Price breaks out of Zone 2 levels.”

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