GBPUSD 1H
Long or Short: LONG
Entry Point: 1.5660
Stop Loss: 1.5610
Profit Target/s: 1.5750
Reward-to-risk Ratio: 90:40 or 2.25:1
Risk percentage: 1%
Indicators: 100SMA (red line), 50% Fibo
Trade rationale: saw a lot of interest around 1.5650 in the past, i think it offers potential support (esp. since it lines up with the 50% Fibo and 100SMA). outlook seems bearish for the dollar because of QE3 prospects. i see gbpusd extending its rise
Trade adjustments: will cut losses if we see a solid close below 1.5650/100SMA