Forex Analysis
by ForexNewsNow Team on December 30th, 2010

GBP/USD forex technical analysis round-up: Dec. 30

NEW YORK (Forex News Now) – The pound was falling against the greenback today, trading at 1.5491 as of around 8:55 A.M., GMT.

Cable is down 0.06% on the day and has reached a session high of 1.5536 with a low of 1.5485.

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

FXstreet sees GBP/USD trading in a range between 1.5390 and 1.5600, adding that despite dollar weakness, the pair was unable to break above past Tuesday high.

“Enters Asian session consolidating around 1.5500 price zone, despite indicators are heading south in the hourly chart, price seems pretty well limited to the downside by the 1.5480 price zone, and unless a clear break below, 1.5560 is next to the upside, ahead of 1.5620 price zone. Expect the Pound to found support in rising stocks as it did over the last American session,” it adds in intraday analysis.

Meanwhile Action Forex writes in GBP/USD analysis that the break of 1.5509 minor resistance suggests that a short term bottom is formed at 1.5343 on bullish convergence condition in 4 hours MACD.

“Intraday bias is mildly on the upside for further rebound, possibly towards falling trend line resistance at 1.5741. Nevertheless, note that fall from 1.6298 is still expected to continue as long as 1.5909 resistance holds. Below 1.5343 will bring fall resumption to 1.5296 key cluster support (50% retracement of 1.4230 to 1.6298 at 1.5264). However, break of 1.5909 resistance will indicate that fall from 1.6298 is over and rise from 1.4230 is still in progress for another high,” the realtime forex news analyst adds.

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