The GBPUSD posted a negative CORRECTIVE signal which will keep the MKT vulnerable to further losses with all trading below the 16130 Inflection Pivot.
If yesterday's selling is going to keep its edge any positive push will reject here targeting the 15905-15895 support band.
Let the truth be told. If the underlying positive momentum is going to resume course the MKT will stabilize above here. A failure and sentiment turns sour down to 15543 and 15425.
A rise above 16140-16130 puts the negative signal in question and the buyers in launch mode. Work any positive structure with expectation of a strong move up to 16347 and the 16600-16557 resistance band. Expect a reaction as no follow through is expected at this time.
JS
* Price Map Chart Overlay performance for JULY 8, 2009
EURUSD GBPUSD USDCHF
USDJPY USDCAD AUDUSD
This post supports JS Services Strategy Based Trading approach. For more information please contact me at info@jsservices.com. You can also visit http://www.jsservices.com/.The Inflection Pivot levels are available as a chart overlay on the following platforms; Ninja trader, Strategy Runner and eSignal. Sign up for a Complimentary Trial.
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