GBPUSD Setup - 29 Jun 2011

Price broke out of the bearish TL (purple) and failed to close below the previous support level (red). Currently price is overall still bearish but we are in a retracement level. Projected target price is near 50% level at 1.6090. SL will be set slightly lower than the red line at 1.5970.

EP: 1.60000
SL: 1.59700
TP: 1.60900