Intraday trading analysis (tips) for GBP/USD 3 May 2011, we recommend, Enter long in GBP/USD above 1.6585 for target of 1.6625 and 1.6655 also place protective stop loss order below 1.6565.
Reason to trade long: GBP/USD was on uptrend and we see a good buying opportunity. Strong GBP and weak USD is responsible for this strong up trend. So this up move is likely to continue from the current level towards next resistance level. RSI support the up move and is in favor of the trade on 4 hour chart. So we can see the pair to strengthen further and move towards its next resistance level which is at 1.6655, so trading in the direction of the trend we recommend to trade long on GBP/USD pair.