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Forex: GBP/USD Trading Analysis for 16 May 2011: Sell below 1.6205

By Bhaveek Patel Leave a Comment

Intraday trading analysis (tips) for GBP/USD 16 May 2011, we recommend, Enter short in GBP/USD below 1.6205 for target of 1.6155 and 1.6115 also place protective stop loss order above 1.6225.

Reason to trade short: GBPUSD has seen reversal from 1.6725 level and now we see a good selling opportunity. Strong USD and weak GBP is responsible for this strong down trend. So this down move is likely to continue from the current level towards next support level. RSI support this down move and is in favor of the trade on 4 hour chart. So we can see the pair to weaken further and move towards its next support level which is at 1.6155, so trading in the direction of the trend we recommend to trade short on GBP/USD pair.

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Category: Forex Tags: Forex/ Forex Trading/ GBP/USD

About Bhaveek Patel

Bhaveek Patel is one of the most successful traders, technical analyst, and investor, his areas of interest include stock market, forex, and gold trading. Apart from this, he is often seen in the golf course. He is having more than 10 years of experience in trading, had placed his first order on 19 June 2006 with IndiaInfoline.

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