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Thursday, June 02, 2005

Forex forecast for GBP/USD

other majors are expected to swing and firm up during trend reversal time.....wait for the rise and initiate shorting in them........

SELL OTHER MAJORS ONLY DURING FIRMING UP MOVES NEAR HIGH SET FOR THE DAY USING ADVANCE HEDGING OR TRAILING STOP AND BUY NEAR THE LOW SET FOR THE DAY TO BOOK PROFIT AS DIRECTIONAL SWING TRADES ........

SESSION WISE SWINGS:

Early Japanese session - USD will be highly volatile with spike*
Late Japanese session - highly volatile with spike* (00:30 - 07:00 GMT)

Early European session - USD will become highly volatile with spike
Late European session highly volatile with spike (07:30 - 13:00 GMT)

Early US session - USD will become highly volatile with spike
Late US session highly volatile with spike ( 13:30 - 20:30 GMT)

each session is of 7 hrs and 30 duration and they can be divided as early, mid and late each of 2 hrs and 30 min

GBP/USD – The pair has seen the biggest shift in sentiment against it as its biggest supporting factor i.e. prospect of high interest rates is looking very uncertain while the economy seems to be headed towards a sluggish state Like the Euro bottom picker are keeping it around 1.82 with mild support around 1.8175 followed by the support zone at 1.8125-40. On the upside mild resistance lies around 1.8290 followed by strong offers on any break above 1.8355.

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