Forex Analysis
by ForexNewsNow Team on December 23rd, 2010

GBP/USD forex technical analysis round-up: Dec. 23

NEW YORK (Forex News Now) – The pound was stable against the greenback today, trading at 1.5385 as of around 8:20 A.M., GMT.

Cable was trading at its opening price and had reached a session high of 1.5436 with a low of 1.5376 so far.

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

FXstreet writes that GBP/USD should trade in a range between 1.5280 and 1.5530.

“Pound extended its slide this Wednesday, reaching 1.5370 area past American session. Still bearish according to hourly indicators, and below 20 SMA in the hourly chart, the upside remains pretty well limited by 1.5440 static resistance zone,” it adds in intraday analysis.

Forexcycle notes that the currency pair continues its downward move from 1.5910 and the fall extends to as low as 1.5356 level.

“Deeper decline is still possible in a couple of days and next target would be at 1.5296 (Sep 7 low) long term key support, a break below this level will confirm that the long term uptrend from 1.4230 (May 20 low) is complete,” the realtime forex news site adds.

Finally, Mizuho Corporate Bank writes that GBP/USD dropped again to its lowest since mid-September as sterling struggles against a number of other currencies.

In advice to FX traders, the bank writes: “Possibly attempt small longs at 1.5400; stop below 1.5300. First target 1.5650.”

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