GBP/USD Signals Update
Yesterday's signals expired without being triggered.
Today’s GBP/USD Signals
Short Trade 1
Go short following bearish price action on the H1 time frame after the first touch of 1.6250.
Place a stop loss 1 pip above the local swing high.
Adjust the stop loss to break even when the price reaches 1.6200.
remove 50% of the position as profit at 1.6200, and then leave the rest of the position to ride
GBP/USD Analysis
Yesterday I mentioned things would start to look relatively bullish if we could break out above 1.6142 and that is in fact what happened after the double bottom completed yesterday at support at 1.6068. The question now is whether they key level at 1.6250 will hold as resistance. It seems likely that we are now due some kind of upwards move, and it would be natural to assume that the weekend gap is going to get filled soon, as it usually does. That would see us above resistance at 1.6250 all the way up to 1.6280. It is worth remembering that this pair can turn very quickly, and that very strong and sudden falls tend to be accompanied shortly afterwards by strong and sudden pullbacks.
There are no high-impact events scheduled today concerning the GBP. Regarding the USD, at 1:30pm London time there will be a release of U.S. Unemployment Claims data. Today the New York session should be the most active trading period for this pair.