GBPUSD Hourly Chart - 19 Jan 2012

Currently, this is what i see on cable. Price is doing retracement from te previous swing.

Minor TL: uptrend until green TL is broken.

I'll be watching her closely especially when she moves up to 1.5500 (61.8% fibo). Price might turn down from there as prevous resistance (yellow box) can be seen around that area. Look out for rejection candlestick like an inverted hammer/pin bar to form near the key level. Till then, no trade for me.