GBPUSD Daily Forecast: July 27

By IBTimes Staff Reporter | July 26 2009 4:04 PM

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GBPUSD Forecast

The GBPUSD had a moderate bearish momentum on Friday. On h4 chart below we have a rising wedge formation suggests a potential further downside momentum especially if the rising wedge violated to the downside. The bias is bearish in nearest term but remains unclear in medium term. Immediate support at 1.6380. Clear break below that area should trigger further bearish pressure testing 1.6290 area. Initial resistance at 1.6505 followed by 1.6590. CCI in neutral area on h4 chart.

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