[TW] 07-05-2012 -GBP/USD (Short) by Bijoymj

GBP/USD - 4 Hour

Long or Short: Short
Entry Point: 1.6150 (At Market)
Stop Loss: 1.6225
Profit Target/s: 1st: 1.6050 (At Fib 50), 2nd 1.6000 (At Fib 61.8)
Reward-to-risk Ratio: 2:1(If both targets achieved)
Risk percentage: 1 %
Indicators used: 40 SMA and Fibonacci
Trade Rationale: 40 SMA which was acting as a support is currently turned to resistance. Also currently the pair is in a retracement and the same can go down at least up to previous support levels at Fib 50 % (1.6050) and at Fib 61.8 % (1.6000).
Trade Adjustments: A close monitoring is required to shift profit target to Fib 61.8%(1.6000)

How long do you think GBPUSD can hit your 2 targets?

Hope to hit 1st target by middle of Tokyo session on 9th May and 2nd by middle of New york section on the same day.

Do you want to revise the forecast when GBPUSD will hit your 2 targets?

Trade closed at 1.6108(Just earning 42 pips) due to BoE MPC Monetary Policy Announcement at 11.00 AM GMT