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Forex Analysis – May 28, 2008

20080528_gbpusd_1.gifGBPUSD Analysis.
GBPUSD broke below 1.9755 support and formed a short term cycle top at 1.9852 on 4-hour chart. The pair is now in correction to the up trend. Pullback to the up trend line from 1.9363 to 1.9463 is possible in a couple of days. As long as the trend line support holds, we’d expect up trend to resume and further rally to 1.9950 area could be seen after correction.

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