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GBPUSD Daily Forecast: November 27

Premium Market Reports by FXTechStrategy

GBPUSD Daily Forecast: November 27
Friday, November 27th, 2009 @ 4:45 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:
CCI warning about potential downside pullback was proved to be a fact yesterday. However, I must admit that the bearish pullback was much stronger than I had expected. Price fell significantly, break below 1.6600, bottomed at 1.6466 and closed at 1.6497. On h4 chart below, the trendline support (red) which did a good job prevented further bearish pressure and brought price peaked at 1.6744 on Wednesday was broken yesterday indicating potential technical bearish targeting 1.6250 area. The bias is bearish in nearest term at least targeting 1.6330 area but direction is unclear for me in longer term. The situation can be very tricky so do not rush jumping into the market. Immediate resistance at 1.6550 area. Break above that area should trigger further bullish momentum.

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