GBP/USD Signals Update
There is no outstanding signal from last Thursday’s analysis.
Today’s GBP/USD Signals
Risk 0.75%
Trades must be made before 5pm London time.
Short Trade 1
Go short following bearish price action on the H1 time frame immediately following the next touch of 1.5720.
Put the stop loss 1 pip above the local swing high.
Adjust the stop loss to break even once the trade is 20 pips in profit.
Remove 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to ride.
Long Trade 1
Go long following bullish price action on the H1 time frame immediately following the next touch of 1.5591.
Put the stop loss 1 pip below the local swing low.
Adjust the stop loss to break even once the trade is 20 pips in profit.
Remove 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to ride.
GBP/USD Analysis
This pair is still well within a long-term downwards trend, but is now stuck in a range between 1.5591 and 1.5720. The support is in an area that has been resistance so, in conjunction with the double bottom that we have at around 1.5600, may prove to be strong enough to launch this pair upwards at least for a while. Conversely, we have a double top at 1.5720, but this looks weaker. The inflection point above that at 1.5789 might prove to be more strongly resistance, especially if we spike up there.
As there is an absence of important news events scheduled for today, the nearest support and resistance levels are likely to hold during today’s London session.
There are no high-impact news releases scheduled today that will directly affect either the GBP or the USD. Therefore it is likely to be a quiet day today for this pair.