Forex Analysis
by ForexNewsNow Team on December 14th, 2010

GBP/USD forex technical analysis round-up: Dec. 14

NEW YORK (Forex News Now) – The pound was rising against the greenback today, trading at 1.5896 as of around 9:30 A.M., GMT.

Cable is up 0.21% on the day and has reached a session high of 1.5911 with a low of 1.5845 so far.

This is what some of the analysts say about the major currency pair in the near-term:

FXstreet sees GBP/USD trading in a range between 1.5700 and 1.6000.

“Still using the upper trend line well as resistance. Now looking to the fib levels for a reversal signal at 15894 and 15991,” it writes in its intraday analysis.

Forexcycle writes that the currency pair remains in uptrend from 1.5484 and the rise extended to as high as 1.5896 level.

“Support is at the uptrend line on 4-hour chart, now at 1.5733, as long as the trend line support holds, uptrend is expected to continue and next target would be at 1.6000 area. Key support is at 1.5719, only break below this level could indicate that the upward move from 1.5484 is complete,” the realtime forex news site adds.

Mizuho Corporate Bank writes that the currency pair is pushing into the daily Ichimoku ‘cloud’.

It adds in its analysis for online FX trading: “The daily close just above the 26-day moving average at 1.5835 has turned momentum to marginally bullish, as hoped, and we now favour a rally to 1.6000 – possibly a rush.”

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