View Full Version : GBPUSD Daily Forecast: September 25

FXOpen Manager
09-25-2009, 12:57 AM
GBPUSD Forecast:
The GBPUSD had a significant bearish momentum yesterday. On my h1 chart below we can see that after breakdown from the broadening formation and below 1.6300, the pair had a significant bearish momentum, fell below 1.6113 area, bottomed at 1.6021 and closed at 1.6056. The Sterling is in heavy pressure right now and any movement below 1.6000 psychological level could hurt the Sterling really bad and might cancel the bullish scenario targeting 1.5900 and 1.5800 area. However, a rejection to move below 1.6000 could trigger an upside rebound testing 1.6113 resistance area but I think now is not the best time to place a long position.
https://fxopen.com/services/ImageProxy.ashx?request=aHR0cDovL2Jsb2cuZnhpbnN0cnVjdG9yLmNvbS93cC1jb250ZW50L3VwbG9hZHMvMjAwOS8wOS9nYnB1c2Rob3VybHkxLTMwMHgxODQuanBn (http://fxopen.com/services/ImageProxy.ashx?request=aHR0cDovL2Jsb2cuZnhpbnN0cnVjdG9yLmNvbS93cC1jb250ZW50L3VwbG9hZHMvMjAwOS8wOS9nYnB1c2Rob3VybHkxLmpwZw==)

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11-05-2009, 10:42 AM
The QE amount is known. It is not known when it might be implemented.

Thus, I believe GBP has already priced that into account. What might affect the price would be the BoE meeting coming up shortly (30 minutes).

I predict some dovish comments and it may affect GBP, GBP crosses.

I recommend shorting GBPCAD, GBPCHF at this time. GBPCAD has run up 1500 pts in one month (after I called for a LONG). It may correct. GBPCHF may have downside from 1.6830 because EURGBP may gain from BoE minutes.

At the least, it is not a good time to go long in GBP or GBP crosses.