GBP/USD Analysis 2011-04-08

Target profit at Resistance 1 already reached. At this level, some traders lock profit. We also should have done that. On daily chart, price still moving around Resistance 1 as many traders testing this level.

GU is creating the expanded triangle. We will soon see GU breakout the Resistance 1 or Support 1. At this moment, long trade is more preferable compare to short trade.

On 4H chart, price still above Kumo and TS above KS, thus bullish still strong.

Trade Idea:
Not recommended to open any trade at this moment. Look for new long entry next week either after price above the resistance 1 or below resistance 1 (crossing of TS with KS or GU bounce once touched KS at 4H chart and move above TS).