Tue, 26 Oct 2010 05:24:00 +0200

Forex: GBP/USD gravitating around 1.5730

FXstreet.com (Córdoba) - The Pound remains rangebound this Tuesday in Asia; after opening the session around 1.5720, GBP/USD dipped below 1.5700 to set an intraday low at 1.5689 from where it bounced back to its NY closing level.

The Cable has been moving in between 1.5689 and 1.5747, and currently is quoting at 1.5730 a few pips away its opening price.

"The 1.5649 low was threatened but withstood the test and this morning there is a modest recovery. I suspect this will still remain in range and look for the 1.5802-24 area to mark the top. Look for a bearish trade set up there and for a return to around the 1.5649 low", said Ian Cospey analyst at FX-Forecaster.com.

"This effectively marks what I feel is the key range and would imply further sideways consolidation above 1.5649. Only above 1.5830 would resurrect a more bullish structure that should rally to the 1.5942 corrective high initially", Cospey added.

Technical Analysis (2010-10-26 03:15 GMT)
GBP/USD 1.5725/1.573 - O: 1.5867 H: 1.5869 L: 1.5855 C: 1.5865
Trend	R3: 1.5807
	R2: 1.5767
	R1: 1.5728
	S1: 1.5644
	S2: 1.5684
	S3: 1.5723