GBPUSD Trade setup - 7 Apr 2011

I was chatting on skype with 1 of the online gamer who is a FX trader too. Both of us spotted this setup after price failed to break the previous support at 1.6260. With a pin bar formed at 0700hrs GMT, i placed a pending buy order at 1.6310 and SL will be at 1.6260. I'll lock some profit when price is near yesterday high. Tentatively, TP looking around 1.6400 followed by 1.6450. Hopefully, with the critical news coming up for cable in a few hours time will bring her to 1.6400.

EP: 1.6310
SL: 1.6260
TP: 1.6450



Trade update: Trade closed at BE before the bank rate news was out.