Forex Analytics-GBPUSD Daily Forecast: November 03

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GBPUSD Daily Forecast: November 03

Share It:: 11/02/2009 08:01

GBPUSD Forecast:
The GBPUSD made indecisive movement yesterday, formed a Doji on daily chart. On my daily chart below we can see that the upper line of the bearish channel provides good support area preventing further downside pressure but the upside momentum was also limited. I will keep out for now and wait for further development as we are going to have some important fundamental numbers this week. US is going to announce it’s interest rate tomorrow, while UK on Thursday. UK’s HPI and PMI number tomorrow and US NFP on Friday are also expected to give us clearer technical direction in longer outlook, whether we are going to continue the bullish towards 1.7042 or back towards 1.6000 area. Immediate resistance remains at 1.6488 and initial support at 1.6320 and the upper line of the bearish channel.

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History

11/02/2009	USDJPY Daily Forecast: November 03
11/02/2009	USDCHF Daily Forecast: November 03
11/02/2009	EUR/USD is undecided
11/01/2009	EURUSD Forecast: Battle at the trendline
11/01/2009	Daily Forecast for Crosses: November 02

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