GBP/USD Signal Update
Last Thursday’s signal expired without being triggered as the price did not reach 1.6425 before the London close.
Today’s GBP/USD Signal
No signal is given today.
GBP/USD Analysis
I wrote last Thursday that continuing bullishness was likely although things may get somewhat choppy at around 1.6600. This was exactly what happened during the final two days of last week as we had two consecutive up days but some bouncing down from around 1.6600.
It is no surprise that the u-shaped bottom off the long-term bullish trend line shown below on a daily chart is producing continued bullishness.
However we have now reached a natural level where the upwards move is probably going to slow, so it could be a good time to take or protect any profitable long trade you might be holding.
There is no obvious level within reach that looks good to me for a long or a short so right now I am sitting to one side.
Things look bullish on every time frame right now. Last week closed very near its high as a bullish engulfing candle, reversing the bearish price action that had been prevailing on that time frame.
Today at 2:55pm London time the Chair of the Federal Reserve will be speaking at a conference and her remarks could impact the USD. Despite these events it is fairly likely that today will be relatively quiet before the Governor of the Bank of England speaks this evening after the London close.
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