GBPUSD Daily Forecast: January 08

By IBTimes Staff Reporter | January 07 2010 8:48 PM

GBPUSD Forecast:

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The GBPUSD had a bearish momentum yesterday. On h4 chart below we can see that the triangle has been violated to the downside indicating potential further bearish pressure with technical target remains at 1.5832 in nearest term. Key resistance level remains at 1.6040/60 area. Only consistent move above that area should be seen as a threat to the bearish outlook.

On fundamental side, We will have US NFP and unemployment rate today. US NFP is expected around 20.2K while unemployment rate expected at 10.1%. My opinion is if the actual numbers are at least the same with forecast, or better, Dollar should strengthen further. But if the actual numbers are worse than expected, Sterling should get some support.

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