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GBPUSD Daily Forecast: January 29

GBPUSD Daily Forecast: January 29
Friday, January 29th, 2010 @ 3:19 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 attempted to push higher yesterday, topped at 1.6274 but once again, the trendline resistance provided a good technical resistance preventing further upside pressure as price closed lower at 1.6136 after touched the trendline. On daily chart below we can see that price is now struggling around the trendline support. We know that this pair has been moving in no clear direction in last several days, trapped between 1.6270 – 1.6070 area. I prefer a bearish scenario but we need a clear break below 1.6040 area to continue further bearish momentum targeting 1.5800. On the upside, the trendline resistance and 1.6270 area should be a good resistance at this phase.

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