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GBPUSD Daily Forecast: February 08

Premium Market Reports by FXTechStrategy

GBPUSD Daily Forecast: February 08
Monday, February 8th, 2010 @ 3:37 am by Setyo Wibowo

About Setyo Wibowo:

Living in East Java, Indonesia and holding International Relations degree, Setyo Wibowo began his forex trading career by joining Fortune Channel Investment in 2000 as a market analyst, while learning to trade forex independently on his own. Driven by his desire to share his trading experiences and ideas, Setyo joined the FX Instructor team in 2008. Setyo Wibowo is now living in Mojokerto, East Java, Indonesia.

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GBPUSD Forecast:
The GBPUSD continued its bearish momentum on Friday, break below 1.5707, bottomed at 1.5557 but closed a little bit higher at 1.5629. This fact should trigger further bearish scenario in long term targeting 1.5250 area but the nearest bias is neutral. CCI in oversold area and heading up on h4 chart suggesting potential upside correction testing 1.5650 – 1.5707 area. Break above 1.5707 should trigger further bullish momentum towards 1.5800. Immediate support at 1.5550 – 1.5500 area. Break below that area should trigger further bearish scenario towards 1.5250 area this week.

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