Thursday, June 4, 2009
Great Britain Pound Dropping?
Seems like Great Britain Pound is dropping… declining against the major currencies. GBPUSD especially. The downward retracement is quite sharp. For 2 days straight, it has been like this. But I am still quite sure that this is temporary and is part of the Forex market. The chart will not move in the trend direction smoothly. It is bound to retrace a few or maybe several times along the path. And this is probably one of the retracements.
Australian Dollars also seem to be dropping a bit, although not as much as GBP. Perhaps a good time to buy long?
The United States Dollar look like it is still falling in the long run, and maybe falling for several more months to come.
I opened 3 trades today. Sold EURAUD, Sold USDCAD and Bought AUDUSD.
EURUSD and USDJPY are a little undecided, so I will be monitoring them for a few more days, and maybe trading them next week.