Forex Analysis
by ForexNewsNow Team on December 29th, 2010

GBP/USD forex technical analysis round-up: Dec. 29

NEW YORK (Forex News Now) – The pound was rising against the greenback today, trading at 1.5372 as of around 8:40 A.M., GMT.

Cable is up 0.03% on the day and has reached a session high of 1.5412 with a low of 1.5352 so far.

This is what a couple of the online FX trading analysts say about the currency pair in the near-term:

FXstreet says in GBP/USD analysis that it sees the pair trading in a range between 1.5250 and 1.5440.

“Intraday woes had also affected Pound, that reached 1.5520 resistance area before slumping strongly to a fresh 3 months low barely below current price zone. A bit exhausted to the downside according to hourly chart, pair seems aiming for a limited bullish corrective movement before next slump, as 4 hours indicators are strongly bearish, still heading towards the 1.5250 price zone,” it adds in intraday analysis.

Meanwhile, Forexcycle notes that GBP/USD continues its bearish movement from 1.5910, and the fall extended to as low as 1.5345 level.

“Deeper decline to test  1.5296 (Sep 7 low) long term key support is still possible, 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.

By ForexNewsNow Team

This is a general account of the ForexNewsNow Team. It is used to published exclusive content carefully crafted by our experts as well as it is used to bring you the most recent industry highlights from our guest contributors that wish to remain anonymous.

More content by ForexNewsNow Team

Comments (0 comment(s))