GBPUSD Trade Setup - 24 Feb 2011

After Price failed to break below the trendline with fibonacci retracement level at 78%. I placed a pending buying order at the price of 1.61800 and SL will be slightly lower at the trendline at 1.6140. Ideally, RRR should be 2:1 which defined my TP at 1.6260. However, since the bullish steam has regained, i will take the ride to see how far can it goes. 1.6300 will be the key value to watch.

EP: 1.61800
SL: 1.61400
TP: 1.6260




Trade update: SL hit -40pips