GBP/USD Signals Update
There is no outstanding signal.
Today’s GBP/USD Signals
Risk 0.75%
Trades must be made before 5pm London time.
Long Trade
Go long following bullish price action on the H1 time frame immediately following the next touch of 1.5750.
Put the stop loss 1 pip below the local swing low.
Adjust the stop loss to break even once 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 ride.
GBP/USD Analysis
This pair followed the general trend yesterday and moved down with the widespread strengthening of the USD. We still have not produced any new levels and we have been a long way away from any interesting areas at which to look for really strong support or resistance. However, we are now within reach of the key level of 1.5750 which is a confluence of flipped resistance to support over daily and weekly highs and lows, and an important number psychologically.
There are more local areas of support and resistance that are likely to become relevant before the next key resistance level a long way overhead at 1.6086 is reached. The area at around 1.6025 looks to be quite strongly resistance, and 1.5925 might also be hurdle.
There are no high-impact news releases scheduled today that are likely to affect either the GBP or the USD. It is a public holiday in the USA.