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Forex Analysis
by ForexNewsNow Team on December 29, 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.

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