GBP/USD Signals Update
Yesterday’s signals expired without being triggered as the price did not hit either of the key levels.
Today’s GBP/USD Signals
Risk 0.75%
Trades must be entered only before 5pm London time.
Short Trade 1
Short entry after bearish price action on the H1 time frame immediately following the next touch of 1.5789.
Put the stop loss 1 pip above the local swing high.
Adjust the stop loss to break even once the trade is 25 pips in profit.
Remove 50% of the position as profit when the trade is 25 pips in profit and leave the remove of the position to run.
Long Trade 1
Long entry after bullish price action on the H1 time frame immediately following the next touch of 1.5541.
Put the stop loss 1 pip below the local swing low.
Adjust the stop loss to break even once the trade is 25 pips in profit.
Remove 25% of the position as profit when the trade is 25 pips in profit and leave the remainder of the position to run.
GBP/USD Analysis
The picture is little unchanged from yesterday. I wrote that the price was in the middle of a range and that the impetus from the first hour of the London open would probably set the direction for the day. This is what happened with a small bearish move taking place.
There are high-impact data releases scheduled today directly concerning both the GBP and the USD. Regarding the GBP, there will be a release of Current Account data at 9:30am London time. Regarding the USD, at 1:30pm there will be releases of Core Durable Goods Orders and Final GDP data, followed by New Home Sales data at 3pm.