This past Tuesday, January 22nd, I wrote here about a short-term trade idea on the GBP/USD to capture around 75 PIPs, depending upon your entrance. I hope you were watching your trade carefully, because the GBP/USD came 8 PIPs (1.5892) away from our target (1.5900) before it turned around and kept going in the direction of the current trend shown on the 1hr chart. It was a nice place to capture some additional profit while the GBP/USD paused to move sideways before it resumed its current trend.

Although the GBP/USD slowed up and had more sideways movement over the past 5 business days, today it still took out the August 2012 low of 1.5753.

For now, the current 1hr movement is still intact; therefore, until I provide a trade recommendation to go long against the prevailing trend on the 4hr, we are still overall short on the GBP/USD.

Happy trading!
LattePIPs