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by ForexNewsNow Team on October 28th, 2010

GBP/USD forex technical analysis round-up: Oct. 28

GBPUSD analysis - BoE chief KingNEW YORK (Forex News Now) – As of around 11:15 A.M. GMT on Thursday, sterling was surging against the U.S. dollar in late European morning currency market trading.

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

FXstreet notes that 4-hour indicators are quite bullish for GBP/USD, supporting further gains later in the day.

The realtime forex news site adds, “Pair needs to settle down or even retreat slightly before attempt to break above 1.5890 and extend gains towards 1.5930/60 price zone, probable bullish target for the cross.”

Precise Trader, meanwhile, notes that the daily trend was within the previous few days’ range, and while the bears gained, they gave up mildly towards the close – which signifies a choppy session with some strength.

In intraday analysis, the site goes on to say that, “The MA is suggesting a Choppy session with a Potential to Turn Up and the Oscillators are Bearish but Weak.”

Meanwhile, in a report aimed at technical analysis trading, Action Forex points out that a break below 1.5649 will target 1.5296 support first.

“Considering bearish divergence condition in daily MACD,” the site adds, “break of 1.5296 will confirm that whole rally from 1.4230 has finished too.”

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