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GBPUSD Daily Forecast: October 28

Thursday, October 27, 2016 19:09
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(Before It's News)

GBPUSD Forecast
The GBPUSD failed to continue its bullish momentum yesterday bottomed at 1.2149. The bias is neutral in nearest term. Immediate resistance is seen around 1.2205. A clear break above that area could trigger further bullish pressure testing 1.2250 area or higher. Immediate support is seen around 1.2135 followed by 1.2080 but key support remains at 1.2000. Overall I remain bearish but as long as stay above 1.2000 the hammer formation bullish correction/reversal scenario should remain valid.

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  • GBP/USD has been in really storm of things of late with massive movements on all sides, so that’s why we need to be very careful on this. I love it because I can obviously gain plenty if get it right but the risk factor is also a lot which we must learn to handle wisely and only then we will be able to perform well and achieve our targets. I have been able to do it nicely due to OctaFX broker and their Islamic Account while there is daily market updates option available as well, it all makes things easier.

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