GBPUSD Daily Forecast: December 18
December 17, 2009 - 11:17 pm by FX Instructor · Leave a Comment
GBPUSD Forecast:
The GBPUSD had a significant bearish momentum yesterday, bottomed at 1.6078 and closed at 1.6162. The bias is more to the downside now. We seem to have a good historical support around 1.6100 – 1.6040 area.
On daily chart below we have CCI divergence indicating potential upside minor correction and potential profit taking activity on Friday testing 1.6250 resistance area.
Consistent move below 1.6100 – 1.6040 area should trigger further bearish pressure testing psychological level 1.6000 before technically targeting 1.5800 in longer term point of view.
Setyo Wibowo
fxinstructor.com
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