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Forex Analysis
by ForexNewsNow Team on November 29, 2010

GBP/USD forex technical analysis round-up: Nov. 29

UK flagNEW YORK (Forex News Now) – The pound was rising against the dollar on Monday, trading at 1.5618 as of around 9:30 A.M., GMT.

The pound is up from its open of 1.5595 and has reached a session high of 1.5647 with a low of 1.5560 so far.

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

FXstreet says the currency pair has broken the cloud to the downside with the weekly and monthly candles looking very bearing.

“I would watch 1.5700 as a maximum pullback before the next leg lowed down towards 1.5089 in a choppy inside 5th wave,” the site says in its intraday analysis.

Forexcycle notes that further decline in GBP/USD is expected in a couple of days with the next target at around 1.5400-1.500.

The site adds in its technical analysis: “Resistance is at 1.5635 followed by 1.5660, only break above these levels could indicate that consolidation of downtrend is underway.”

Meanwhile, Precise Trader writes that the MA is suggesting a downside bias but may be limited and the oscillators are bearish but oversold.

“1.5655-1.5725 are the critical levels to watch to maintain the bearish outlook,” it continues.

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