GBP/USD Signals Update
Last Thursday’s signal expired without being triggered.
Today’s GBP/USD Signals
Risk 0.75%
Entries must be taken before 5pm London time only.
Short Trade
Short entry following bearish price action on the H1 time frame following a first touch of 1.6067.
Put the stop loss 1 pip above the local swing high.
Move the stop loss to break even when the trade is 30 pips in profit.
Remove 50% of the position as profit when the trade is 30 pips in profit and leave the remainder of the position to run. Ensure all the risk is taken off the trade.
GBP/USD Analysis
This pair fell steadily even before the NFP data was released on Friday, which drove the price down dramatically to new yearly lows. The GBP had been showing a little strength but has now become one of the weakest currencies against the USD.
There had been a flipped support level above us at 1.6067 which is likely to be resistance if we manage to get up there today, although that is unlikely as the indications show that today should be quiet.
There is likely flipped resistance to support below us confluent with the round number at 1.5900. However due to the strongly bearish nature of the market I would not look for a long trade there, but be aware of it as possible support for profit-taking etc.
There are no high-impact data releases scheduled for today which are likely to directly affect either the EUR or the USD. Therefore it is likely to be a quiet day for this pair.