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GBPUSD Daily Forecast: November 11

Premium Market Reports by FXTechStrategy

GBPUSD Daily Forecast: November 11
Wednesday, November 11th, 2009 @ 1:21 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 was also indecisive yesterday, attempted to push lower, bottomed at 1.6599 but further downside pressure was rejected as the pair closed higher at 1.6735. The bias is neutral in nearest term but we have a nice bullish channel on daily chart below indicating a bullish scenario with technical target 1.7042 remains intact. Immediate support at 1.6680. Break below that area should trigger further downside pressure re-testing 1.6599 area. Initial resistance at 1.6842. Break above that area should lead us to further bullish momentum towards 1.7042 area.

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