by ForexNewsNow Team on October 4th, 2010

GBP/USD forex technical analysis round-up: Oct. 4

GBP USD technical analysis - the Union JackNEW YORK (Forex News Now) – As of around 6:45 P.M. GMT on Monday, sterling was struggling to hold onto its gains versus the dollar, after rebounding for a second day in currency market trading.

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

According to FXstreet, sterling remains “range bound,” lacking strength and direction in the midterm view. In the site’s GBP USD analysis, the “hourly chart shows indicators already exhausted to the upside, while price holds above a flat 20 SMA.”

The site adds that 4-hour charts ones have a slightly more bullish tone. Cable needs to accelerate strongly above 1.5880 to confirm further gains today, FXstreet concludes.

Similarly, Forexcyle expects “range trading” between 1.5669 and 1.5921 in the coming days.

The realtime forex news notes that, “as long as 1.5669 support holds, the price action in the trading range is treated as consolidation of uptrend from 1.5296, and another rise towards 1.5997 (Aug 6 high) is possible.”

Meanwhile, in a report aimed at technical analysis trading, Actionforex says, “Intraday bias in GBP/USD remains neutral for the moment as sideway consolidations from 1.5921 continue.”

The site sees a break above 1.5921 as indicating that the rise from 1.5296 is still in progress, towards the 1.5997 high. On the downside, a break below 1.5668 will flip intraday bias to the downside, Actionforex states.

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