GBP/USD Signal Update
Yesterday’s signals were not triggered and expired.
Today’s GBP/USD Signal
Risk 0.50%.
Entry should be made between 8am and 5pm London time today only.
Long Trade 1
Enter long with a stop buy order at a next bar break of an hourly pin or engulfing bar after a first touch and rejection of 1.6450. The trade is invalidated once an hourly bar closes below this level.
Stop loss at the local swing low.
Move the stop loss to break even when the trade is 25 pips in profit and let it run.
Short Trade 1
Enter short with a stop sell order at a next bar break of an hourly pin or engulfing bar after a first touch and rejection of 1.6750. The trade is invalidated once an hourly bar closes above this level.
Stop loss at the local swing high.
Move the stop loss to break even when the trade is 25 pips in profit and let it run.
GBP/USD Analysis
There has been no change in the technical picture. Yesterday was indecisive and neither the Governor of the Bank of England's speech nor the FOMC statement had any great impact. The overall bias should still be long as we are still established in a narrowing bullish channel that has been intact since last summer. There are no obviously good resistance levels above us except for a minor flip that occurred the last time the price was around 1.6750 in 2011. It is likely that we will hit the support at 1.6450 first:
There is no important news due today during the London session for the EUR. Concerning the USD, there is Advance GDP and Unemployment Claims at 1:30pm London time and then later Pending Home Sales at 3pm.