Tue, 07 Dec 2010 14:36:00 +0100

Forex: GBP/USD resurfaces above 1.5800

FXstreet.com (Barcelona) - The US dollar once again comes under light pressure against major rivals, allowing the GBP/USD to come off session lows at 1.5770 in order to resurface to the upside of 1.5800. The pair has added roughly 40 pips in the last hour, and currently attempts to consolidate in the zone after touching as high as 1.5808.

The Swiss e Trade Strategy Team forecasts: “Attacking and breaking a major resistance point at 1.5785 in the European morning, the Pound is right at 1.5809 and on the rise against the Dollar. We doubt that this movement will continue much further today, and reckon with down corrections near present levels, back to the area of 1.5710.”

Immediate resistance above is listed at 1.5838 (Daily High Nov 24), 1.5845 (21 Day MA) and 1.5892 (Trendline Fm Nov 5) while support is placed at 1.5760 (Hourly Support Dec 7), 1.5676 (10 Day MA) and 1.5655 (Daily Low Dec 6).

Technical Analysis (2010-12-07 13:30 GMT)
GBP/USD 1.57916/1.57926 - O: 1.5611 H: 1.5617 L: 1.5609 C: 1.5613
Trend	R3: 1.5877
	R2: 1.5838
	R1: 1.5798
	S1: 1.5712
	S2: 1.5751
	S3: 1.5790