GBPUSD Anaylsis - 9 May 2011

There might be a potential H&S coming up on H1 time frame. If price is able to close below the neckline then we should be able to see our target price to hit around 1.6240.



The above is based on my personal analysis. Please don't trade blindly. Market is always volatile especially when we are talking about cable.

Trade update: looks like H&S has formed and price is trending downward direction. Currently 100pips profit. Shifted SL to 1.6350. TP at 1.6240



Trade update: Trade closed at 50% at 100pips and the remaining 50% at 30pips profit.