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Forex Analysis
by ForexNewsNow Team on November 22, 2010

GBP/USD forex technical analysis round-up: Nov. 22

GBP USD - the Union JackNEW YORK (Forex News Now) – As of around 5:00 P.M. GMT on Monday, the pound was falling against the U.S. dollar, continuing a downward trend that began on Friday.

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

FXstreet says that the GPB/USD slumped to strong support at 1.5940 on the 4-hour chart after failing to regain 1.6100.

“Key support lies around 1.5850, daily ascendant trend line coming from early September,” the realtime forex news site adds.

Forexcycle notes that the pound has stayed below a down trend line between 1.6298 to 1.6182.

According to the site’s GBP/USD analysis, “As long as 1.6093 resistance holds, downtrend is expected to continue and another fall towards 1.5649 is still possible.”

Meanwhile, FX Times predicts that GBP/USD is likely heading towards the 1.59 pivot.

The analysts adds: “A break below this and we are in a bearish swing towards 1.5750.”

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