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GBPUSD Daily Forecast: January 20

GBPUSD Daily Forecast: January 20
Thursday, January 20th, 2011 @ 7:28 am by Setyo Wibowo

About Setyo Wibowo:

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
The GBPUSD bullish momentum was paused yesterday and so far still unable to make convincing move above 1.6000. The bias is neutral in nearest term but still within the context of a bullish scenario. A look on the daily chart shows us that since the strong bullish momentum from January 07, we have no bearish candle indicates no significant bearish correction so far, so any bearish pullback making a bearish daily candle is normal. Immediate support at 1.5885.  Below that, we have another support around 1.5780. I do not expect any move below 1.5780 as it would be a threat to the bullish scenario and create a false breakout scenario above 1.6000. I think intra-day traders should stand aside for now and re-activate bullish mode on a clear break above 1.6057 targeting 1.6180 and 1.6300 resistance area.

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