Forex Analysis
by ForexNewsNow Team on December 22nd, 2010

GBP/USD forex technical analysis round-up: Dec. 22

NEW YORK (Forex News Now) – The pound was falling against the dollar today, trading at 1.5442 as of around 9:20 A.M., GMT.

Cable is down 0.18% on the day and has reached a session high of 1.5494 with a low of 1.5439 so far.

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

FXstreet writes that GBP/USD will trade in a range between 1.5344 and 1.5620.

“Although we are moving lower and have broken the previous low the move down is losing momentum. This is probably due to lack of interest going into the Christmas break. All indicators are still bearish but we can see them rising (Red Line),” it writes in intraday analysis.

Forexcycle notes that the currency pair’s downward move from 1.5910 extends to as low as 1.5425 level.

“Resistance is now at 1.5575, as long as this level holds, downtrend is expected to continue and next target would be at 1.5350-1.5400 area,” the realtime forex news site adds.

Mizuho Corporate Bank advises FX traders to possible attempt small longs at 1.5480, stopping below 1.5430, while first target is 1.5650, maybe 1.5700.

“Trying to cling to first 38% Fibonacci retracement support at 1.5500, dead in the water and dead dull,” it adds of the currency pair.

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