Currency Currency
by ForexNewsNow Team on November 1st, 2010

GBP/USD forex technical analysis round-up: Nov. 1

GBP USD analysis - a heap of poundsNEW YORK (Forex News Now) – As of around 8:15 A.M. GMT on Monday, sterling was continuing its upward surge against the U.S. dollar trading at 1.6036 after opening the day at 1.6049 in early European morning currency trading.

The day’s high for GBP/USD so far was 1.6086 with a low at 1.5992.

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

Forexcycle’s daily analysis noted the pair “is facing 1.6105 key resistance, a break above this level will indicate that the longer term uptrend from 1.5296 (Sept 7 low) has resumed, then next long term target would be at 1.6500 area.”

The realtime forex news outlet indicated “support is at 1.5875, only break below this level will suggest that lengthier consolidation of uptrend is underway, then another fall to re-test 1.5649 could be seen.”

Forexpros noted that “GBP/USD was also solidly bid through Asia, making new highs each hour till just reaching 1.6082, new 2 ½ high.”

FXstreet for its part reported that “the British currency hit a new 2-week high just above 1.6060, as the threat to break prior’s key upswing top at 1.6106 becomes more feasible as ticks get printed.”

The forex analysis continued with a prediction that “should the level get pierced, new inflows expected will likely open the doors for further upside scope. Current price continues to make new highs, presently at 1.6065.”

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