FX.co ★ The candlestick analysis of GBP/USD for 09/06/2010

Now, the opened short positions are advisable to keep, as no signals about closing have been given. In a day chart of GBP/USD, “Doji” candle has formed, which signals about a decline. This candle has appeared after the currency pair has not managed to break out the resistance level at 1.4785. That means that the bears has become active near this mark. In addition, the correctional level Fibonacci of 38.2 is placed here. It is expected that the pair can move down to 1.4240-1.4220, where the main support level is.
However, it should be noted that if the resistance level of 1.4785 is broken, the short positions should be closed, as it will mean that this viewpoint is incorrect.