GBPUSD Daily Forecast: May 28

By IBTimes Staff Reporter | May 27 2010 11:18 PM

GBPUSD Forecast:

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The GBPUSD had a significant bullish momentum yesterday. On h4 chart below we can see that price made a breakout above the range area indicating potential bullish scenario targeting 1.4715 region. The major bearish scenario surely in a serious threat, but we need a consistent move above 1.4527 to continue further bullish scenario. Another movement below 1.4527 should be seen as waning bullish momentum and activate my wait and see mode but vulnerable to further bearish pressure testing 1.4350 region in nearest term. Price has been very volatile lately so don’t rush jump into the market and make sure to execute stop loss without any hesitation, both for long or short trades.

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