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GBPUSD Daily Forecast: July 03

Premium Market Reports by FXTechStrategy

GBPUSD Daily Forecast: July 03
Friday, July 3rd, 2009 @ 12:25 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 Daily Forecast

The GBPUSD had a bearish momentum yesterday. The pair bottomed at 1.6322 and closed at 1.6391. On h4 chart below we can see that after failed to stay above 1.6660 key resistance level the pair reversed to the downside and violated the trendline support. This fact should support bearish view in nearest term, but medium term remains unclear. The bias is bearish in nearest term testing 1.6240. Immediate resistance at 1.6420. Break above that area should trigger further bullish momentum. CCI just cross the -100 line down on h4 chart suggesting potential downside pressure.

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