[TW] 03-26-2012 GBP/USD Long by Jabroni

[B]GBPUSD Daily[/B]

[B]Long or Short:[/B] LONG

[B]Entry Point:[/B] 1.5670

[B]Stop Loss:[/B] 1.5590

[B]Profit Target/s:[/B] 1st = 1.5800, 2nd = 1.5900

[B]Reward-to-risk Ratio:[/B] if both targets hit, RR > 2:1

[B]Risk percentage:[/B] 2%

[B]Indicators:[/B] 100SMA (red line)

[B]Trade Rationale:[/B] long term range with support at 1.5650. 100 SMA could provide further support. seems like a bullish flag on the weekly chart.

[B]Trade Adjustments:[/B] will cut losses early and maybe short the pair instead if i see a bearish close below 1.5650 on the daily.