GBP/USD Signal Update
Yesterday’s signals were not triggered and expired.
Today’s GBP/USD Signals
Risk 0.75%.
Entries may be made only between 8am and 5pm London time today.
Long Trade 1
Long entry after bullish price action on the H1 time frame following a first touch of 1.6684.
Put a stop loss 1 pip below the local swing low.
Adjust the stop loss to break even when the price reaches 1.6740.
Take off 75% of the position as profit at 1.6740 and leave the remainder of the position to run.
GBP/USD Analysis
Yesterday I wrote that the support at 1.6781 looked too weak to be relied upon and that did turn out to be the correct course of action, as the price fell yesterday to an area below this level. As the price fell fairly gently and not cleanly, I do not think that we need to worry about this level anymore, so it can be deleted from the chart.
The trend is clearly bearish but there are no obvious key resistance levels above us before 1.6914 which is too far away to look for an entry there today.
Below us there is still the key support at 1.6684 that should be good for a bounce, if and when we get there.
There are no high-impact news events scheduled for today concerning the USD. At 9:30am London time there will be a release of the U.K. Unemployment Rate and Claimant Count Change data which may impact the GBP.