Tue, Oct 28 2008, 09:57 GMT
by Forex Hound Analysis Team
GBP USD has bounced of the year's low formed last Friday at 1.5265; after a failed attempt to break through we witnessed a slow move upwards that seems to accelerate. The pair broke above trend line marking the slope of the bearish move and has transformed that from resistance into support. price action on the 4 hours and smaller time frames also comes to help the short term bias change as the pair formed several exhaustion candles inside bars and doji's before jumping above 1.57. First significant resistance is the 1.6000 where we expect bearish traders to start building new short positions.
Published on Tue, Oct 28 2008, 10:03 GMT
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