GBP/USD Signals Update
Yesterday’s signals were not triggered and expired as the price never hit 1.5606.
Today’s GBP/USD Signals
Risk 0.75%
Trades may only be started between 8am and 5pm London time.
Short Trade 1
Short entry after bearish price action on the H1 time frame immediately following the next touch of 1.5606.
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 remove of the position to run.
Short Trade 2
Short entry after bearish price action on the H1 time frame immediately following the next touch of 1.5675.
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 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 1.5500.
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 25% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to run.
GBP/USD Analysis
Yesterday I forecasted that if the first hourly candle following the London open was reasonably bullish, the direction for the London session would be upwards, and I was correct about that. Overnight the price has fallen back a little. The overall short-term picture is weakly bullish right now.
There are no high-impact data releases scheduled today concerning the GBP. Regarding the USD, there will be a release of Unemployment Claims data at 1:30pm London time.