NEW YORK (Forex News Now) – As of around 5:30 P.M. GMT on Tuesday, sterling was extending its recent rally against the dollar into a third day, after hitting a 2-month high in European afternoon currency market trading.
This is what the analysts say about the heavily traded currency pair in the near-term:
According to Actionforex, even though cable has made impressive gains, it is still staying within the range of 1.5668/5921; as such, intraday bias remains neutral.
But the realtime forex news site notes that on the upside, a break above 1.5921 “will indicate that rise from 1.5296 is still in progress for 1.5997 high.”
FXstreet, for its part, notes that GBP/USD is “losing momentum” according to hourly indicators, and holding inside the range of past sessions.
In the site’s GBP USD analysis, the pair needs to accelerate above 1.5922 to attempt further gains on Tuesday. FXstreet sees short-term support at 1.586 and resistance at 1.599.
Meanwhile, in a useful report for technical analysis trading, Forexcyle says the price action in the trading range is most likely the consolidation of the uptrend from 1.5296.
The site adds that, “As long as 1.5669 support holds, another rise towards 1.5997 (Aug. 6 high) is still possible after consolidation, and a break above 1.5921 could signal resumption of uptrend.”