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GBPUSD Daily Forecast: March 16

GBPUSD Daily Forecast: March 16
Wednesday, March 16th, 2011 @ 5:50 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 had a bearish momentum yesterday, bottomed at 1.5978 but closed higher at 1.6070. The bias is neutral in nearest term but I think the overall pressure remains to the downside now as price still able to stay below the bullish channel as you can see on my daily chart below. Immediate resistance at 1.6135. A clear break above that area would change the intraday bias to bullish testing 1.6200 and would give the bullish scenario retesting 1.6300 another change. On the downside, 1.5950 is the nearest bearish target and need a clear break below that area to continue the bearish scenario and activate my bearish mode at least targeting 1.5750 region.

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