GBPUSD Trade setup - 24 Mar 2011

After watching price failed to close above previous resistance level and inverted hammer formed on H4. I decided to place a pending sell order at 1.6240. SL is placed at slightly high above the inverted hammer at 1.6270.

EP: 1.6240
SL: 1.6270
TP: 1.6180



Trade update: TP hit. 60pips profit