Forex Analysis
by ForexNewsNow Team on November 23, 2010

GBP/USD forex technical analysis round-up: Nov. 23

intraday analysis - the Union JackNEW YORK (Forex News Now) – As of around 9:00 A.M. GMT on Tuesday, sterling was falling against the U.S. dollar, as it approached a 5-day low in morning currency market trading.

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

FXstreet says the GBP/USD has stayed in a daily trading range between 1.5872 and 1.6000.

“We need to see a close outside this range to indicate the next long term move…At the moment the bias is still to the downside and a close under 1.5900 could send the pair down to 1.5860 and possible take the low at 1.5840,” the realtime forex news site adds.

Forexcycle notes that as long as 1.6093 key resistance holds, downtrend is expected to continue and another fall towards 1.5649 is possible.

However, the site adds: “A break above 1.6093 resistance will indicate that the fall from 1.6298 has completed at 1.5839 already, then the following upward move could bring price to 1.6500 area.

Mizuho Corporate Bank is quoted on FXstreet as saying that the currency pair is still struggling at the 1.6000 level, subdued by an increasingly nervous financial sphere.

“Hopefully the daily Ichimoku ‘cloud’ will help cable inch higher even though bullish momentum is low and it is not overbought,” the site’s intraday analysis adds.

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