GBP/USD Signal Update
Last Thursday’s signals were not triggered as the price did not reach either 1.6808 or 1.6890 during Thursday’s London session.
Today’s GBP/USD Signals
Risk 0.75%.
Entries may be made only between 8am and 5pm London time today.
Long Trade
Go long at the first touch of 1.6684.
Place a stop loss at 1.6644.
Move the stop loss to break even when the price reaches 1.6790.
Take off 75% of the position as profit at 1.6790 and leave the remainder of the position to run.
Short Trade
Go short following bearish price action on the H1 time frame following the first touch of 1.6684.
Place a stop loss one pip above the swing high.
Move the stop loss to break even when the price reaches 1.6700.
Take off 75% of the position as profit at 1.6700 and leave the remainder of the position to run.
GBP/USD Analysis
The final two days of this week saw the fairly steep downwards trend continue. The major bearish trend line has not even been tested in recent days. The support level at 1.6808 was broken down quite easily and can now be expected turn into resistance, providing a short opportunity if retested with bearish price action. There are no obvious support levels below the current price until 1.6684 is reached.
There are no high-impact data releases due today concerning either the GBP or the USD. Therefore it is likely to be a very quiet day today for this pair.