Even though the GBP/USD moved 400 PIPs last week, my strategy had a short-term buy signal yesterday; therefore, I entered going long on the GBP/USD for a short-term trade (the trade duration could be 24 hrs to a couple of days). I am currently up 110 PIPs from where I entered yesterday.
As I stated from prior posts last year, for the long-term, I am expecting the GBP/USD to go further down. Last July, I was taken by surprise when the GBP/USD reversed. It seems to be doing a simliar move from 2008 when it was also trying to delay the inevitable. If you’ve been keeping track of what the analysts at Dailyfx have been saying, it is very simliar to what is found here at LattePIPs. You’ll notice here, GBP/USD Daily Analysis, Joel Kruger has a longer-term bearish bias, but has recognized there could be a short-term bullish move. Jamie Saettele, who I highly admire from the standpoint of Technical Analysis using the Elliott Wave Theory, has posted here that the GBP/USD has already exceeded where he thought it would move. Jamie expects the GBP/USD to begin moving toward the lows of March 2010.
In the mean time, we’ll take long trades as they present themselves, and begin shorting the GBP/USD where appropriate.
Happy trading!
LattePIPs
LattePIPs 
If you would like to place a short-term trade on the GBP/USD, my strategy shows a buy right now (1:13pm Central Time). The trade would look like:
Enter long now @1.5965
Stop @1.5865
Limit @1.6078
The risk is about equal to the profit; therefore, you will have to decide whether it’s worth it or not.