GBP/USD Signals Update
Yesterday’s signal was not triggered and expired.
Today’s EUR/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
Nothing much has changed since yesterday, certainly nothing of significance has happened. This is really one of the in-between pairs that is not really going anywhere right now. We are quite a long way in either direction from any key levels. Although the USD is very strong, the GBP has also been the only other major currency showing any strength over the last month, which is why it has managed to rally to some extent, and has been far less generous in terms of short pips than every other USD pair.
As I mentioned yesterday, the only real advantage to this is that it makes trading off levels a little easier in both directions, but there is really nothing before the zone from 1.6153 to 1.6166 below us, so opportunities are likely to be limited today..
There are high-impact data releases scheduled for today which are likely to affect both the GBP and the USD. At 9:30am London time there will be a release of GBP Current Account data for the U.K. Later at 3pm there will be a release of U.S. CB Consumer Confidence data.