ChaosTrader63
Long

GBP vs USD Analysis 6-5-13

FX:GBPUSD   British Pound / U.S. Dollar
352 1 3
Looking at the GBP vs USD on the 4 hour time frame you can see that we are entering a trade at the break of the resistance level @ 1.53410. The long green candle was the 4 hour breakout of that level and upon the close trade was triggered. Now I am expecting a pullback of this recent move and a better entry would have been a pullback to 1.53500 level which we may see. Based off of the Ichimoku Kinko Hyo we are bullish on this chart with price being above the cloud and our TK             Cross and Kumo Twist along with Chikou Span being above price. The daily time frame is pretty much neutral still as price is still within the Kumo. The Daily candle is outside of the Kumo but we need the close outside to confirm the bullish bias. We'll look to the next resistance level for profit @ 1.55697. Have a great and blessed trading day! God bless!
I like your analysis I am not sure I would enter here, the daily has just been rejected by the top of the cloud which would give me caution and the event risk today and tomorrow is huge. GB rate decision today and the trade destroying NFP tomorrow. All indications are that both of these data points will support your trade, so if you are brave go long with big stops to avoid the volatility that comes with major data release. Personally I will wait for a cloud break on the daily and then go long
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