Intraday trading analysis (tips) for GBP/USD 1 June 2011, we recommend, Enter long in GBPUSD above 1.6395 for target of 1.6465 and 1.6495 also place protective stop loss below 1.6365.
Reason to trade GBPUSD short: The GBPUSD has seen bounced from 1.6055 level and now we see a good buying opportunity in this pair. Strong data from UK is responsible for this rebound. So this up move is likely to continue from the current level towards next resistance level which is at 1.6465. RSI support this up move and it is in favor of the trade on 4 hour chart. So we can see the pair to strengthen further and move towards 1.6465, so trading in the direction of the trend we recommend to trade long on GBPUSD pair.