Wednesday, December 9, 2009

GBP/USD Correction is over???

On the daily chart we can see a long bearish candlestick yesterday.

So we can assume that the downtrend will continue but the Downtrend was Stopped at the SMA200 at 1.6223.

We can see in Asia Session that price is bounce up again rely on the SMA200 as support.

If price action break down the SMA200, the bearish trend will continue, if not the price will go up again testing daily Pivot at 1.6313 or at 1.6277 (DDFX own resistance) if not it may go down until 1.6177.

Overall sentiment are bearish.

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