GBPUSD Daily Forecast: July 06

By IBTimes Staff Reporter | July 05 2009 3:35 PM

GBPUSD Daily Forecast

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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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