GBP/USD Signal Update
Yesterday’s signals were not triggered and expired.
Today’s GBP/USD Signals
Risk 0.75%
Entries can only be made before 5pm London time today.
Long Trade 1
Go long after confirming bullish price action on the H1 chart following the first touch of the bullish trend line sitting at around 1.6810.
Place the stop loss 1 pip below the local swing low.
Move the stop loss to break even when the price reaches 1.6850.
Remove 50% of the position as profit at 1.6850 and leave the remainder of the position to ride.
Long Trade 2
Go long after confirming bullish price action on the H1 chart following the first touch of 1.6748.
Place the stop loss 1 pip below the local swing low.
Move the stop loss to break even when the price reaches 1.6800.
Remove 50% of the position as profit at 1.6800 and leave the remainder of the position to ride.
GBP/USD Analysis
As predicted yesterday, the support zone from 1.6820 to 1.6853 has given some long pips since yesterday’s bounce off of this lower level.
We now have the inner bullish trend line at 1.6810 and if the price spikes down there it could be good for a long.
Below that there is another supportive level at 1.6748.
There is lots of important news due today which should drive the price. If the news items are bullish for the GBP then a move up could be strong and dramatic. If the news is bearish, then it could spike the price down to a cheap buying opportunity. There would have to be an extremely significant change in outlook that could really only come from the inflation report to put a true end to this uptrend, which remains intact by all important indications.
There are several high-impact news releases scheduled today that are likely to impact the GBP. At 9:30am London time there will be a release of the claimant count change and unemployment rate. One hour later at 10:30 the Governor of the Bank of England will be speaking and the Bank’s inflation report will be released. Later at 1:30pm London time, there will be a release of US PMI data which could affect the USD. It is likely to be a volatile day for this pair.