Forex Analysis
by ForexNewsNow Team on December 21st, 2010

GBP/USD forex technical analysis round-up: Dec. 21

NEW YORK (Forex News Now) – The pound was rising against the greenback today, trading at 1.5545 as of around 9:00 A.M., GMT.

The pound is up 0.19% on the day and has reached a session high of 1.15568 with a low of 1.5502 so far.

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

Forexcycle writes that GBP/USD remains in downtrend from 1.5910, while the bounce from 1.5454 is treated as consolidation of downtrend.

“Another fall towards 1.5296 (Sep 7 low) key support is still possible, a breakdown below this level will confirm that the long term uptrend from 1.4230 (May 20 low) is complete,” it adds in intraday analysis.

Mizuho Corporate Bank advises FX traders to attempt small longs at 1.5550, stopping below 1.5440. It adds that the first target should be 1.5650, maybe 1.5700

The currency pair is “clinging to first 38% Fibonacci retracement support at 1.5500, dead in the water and dead dull,” the realtime forex news site adds.

Finally, iForex writes that the pound is trading quietly within the previous day’s range.

“First resistance is yesterday’s peak at 1.5577. Break above it should extend the bullish movement further towards the 1.5690. The nearest support is yesterday’s bottom at 1.5475,” it writes to FX traders.

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