GBPUSD Daily Forecast: February 08

on February 07 2010 10:37 PM

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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