Forex Analysis
by ForexNewsNow Team on November 30th, 2010

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

NEW YORK (Forex News Now) – Sterling was falling against the dollar today, trading at 1.5512 as of around 9:00 A.M., GMT on Tuesday.

The pound opened the day at 1.5572 and has reached a session high of 1.5573 with a low of 1.5510 so far.

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

FXstreet quotes Mizuho Corporate Bank as saying that the currency pair could attempt tiny longs at 1.5560, stopping below 1.5500.

The pair has been “relatively subdued and insulated from all the Eurozone mess, retracing 38% of the rally since June, hovering at the top of the weekly Ichimoku ‘cloud’,” the site continues in its intraday analysis.

Forexcycle writes that GBP/USD is continuing its downward move from 1.6093, extending to as low as 1.5527 level.

“Deeper decline is still possible in a couple of days and next target would be at 1.5400 area. Resistance is at 1.5646 level.”

Meanwhile, Precise Trader writes that a cautious approach is needed for the bears.

“Hourly trend is turning up while 1.5630 holds and daily trend is limited down while 1.5860 holds, so expect the price to turn up soon,” it adds in its analysis for currency market trading.

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