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GBPUSD Daily Forecast: July 06

Premium Market Reports by FXTechStrategy

GBPUSD Daily Forecast: July 06
Monday, July 6th, 2009 @ 12:35 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 moderate bearish momentum on Friday. The pair bottomed at 1.6302 and closed at 1.6321. The violation to the downside of the trendline support on h4 chart below should keep the downside pressure testing 1.6180 key level area. Break below that area should trigger further bearish scenario. Immediate resistance is seen at 1.6350 followed by 1.6425. CCI about to cross the -100 line down on daily chart suggesting potential downside pressure.

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