GBP/USD Signal Update
Last Thursday’s signals were not triggered and expired as although the price did reach 1.6596 that day, there was no confirmatory bullish price action.
Today’s GBP/USD Signals
Risk 0.75%
Entries must be made between 8am and 5pm London time only.
Long Trade 1
Buy if confirmed by H1 price action at the bullish trend line currently sitting at 1.6547.
Place the stop loss 1 pip below the local swing low.
Adjust the stop loss to break even when the price reaches 1.6670.
Take off 50% of the position as profit at 1.6670 and leave the remainder to run.
GBP/USD Analysis
Recently we have had a very smooth and symmetrical move up after a prolonged bounce along the major bullish trend line which has held this pair for a number of months. However we have then had a move down over the past few days, during which we have even seen recent support flip to resistance at a round number just above us at 1.6600. Not far below us at 1.6656 there is a major support level and just a few pips below that the bullish trend line.
Although it is likely to be a quiet day and we have a resistance round number above as plus recent bearish action, I am only looking for a long today at a rejection of the bullish trend line that is confirmed by bullish price action on the H1 chart.
There is no high-impact news due today concerning either the GBP or the USD. It is likely to be a very quiet day.