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GBPUSD Daily Forecast: November 09

Tuesday, November 8, 2016 18:17
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(Before It's News)

GBPUSD Forecast
The GBPUSD was indecisive yesterday but overall still able to maintain its bearish intraday bias. The bias remains bearish in nearest term testing 1.2330 support area which remains a good place to buy with a tight stop loss. Immediate resistance remains around 1.2450. A clear break above that area could lead price to neutral zone in nearest term testing 1.2500 or higher. On the downside, a clear break and daily close back below 1.2330 would interrupt the bullish phase testing 1.2220/00 area but only a clear break below 1.2000 key support would cancel the hammer formation (daily chart) bullish correction/reversal scenario. Fundamental focus will be on the US election result which could create a volatile market.

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