GBP/USD Signals Update
Last Wednesday’s signal expired without being triggered.
Today’s GBP/USD Signals
Risk 0.75%
Entries should be made only before 5pm London time.
Long Trade
Go long following bullish price action on the H1 time frame following a first touch of 1.6154.
Place the stop loss 1 pip above the local swing high.
Adjust the stop loss to break even when the trade is 50 pips in profit.
Take off 25% of the position as profit when the trade is 50 pips in profit and leave the remainder of the position to run.
GBP/USD Analysis
Of course the USD is very strong but the GBP has also been showing some strength lately so this pair has moved out of the limelight because there are much better USD trading opportunities elsewhere. As the USD picked up strength again last week, this pair ended its recent climb and began to fall again. As the action has been more choppy than other USD pairs, that does at least give us maybe more opportunities to find good flipped levels for both long and short trades.
Just above us is the key psychological level of 1.6250 which may have just flipped from support to resistance. However I would not want to trade off this level until we have 24 hours without touching it from below. It needs to mature.
Below us there is a zone from 1.6153 to 1.6166 which is pretty likely to be supportive if reached today. That would seem to be a good area at which to look for a long trade.
There are other interesting levels marked on our chart below, but they are too far away from the current price to be of interest today.
There are no high-impact data releases scheduled for today concerning either the GBP or the USD. Therefore it is likely to be a quiet day for this pair.