GBP/USD Signals Update
Last Thursday’s signals expired without being triggered, as the price did not reach either 1.5591 or 1.5789 during that day’s London session.
Today’s GBP/USD Signals
Risk 0.75%
Trades may only be taken between 8am and 5pm London time.
Short Trade 1
Go short after bearish price action on the H1 time frame immediately following the next touch of 1.5594.
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 remainder of the position to rude.
Long Trade 1
Go long following 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 25 pips in profit.
Remove 50% 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 USD came back quite strongly at the end of last week, and all the major USD pairs made new long-term highs. This pair was no exception. Following the NFP last Friday, we broke the support at 1.5591 and it now looks like a return to 1.5594 could be the impetus for a continued move down, if we return there today.
Below, there is likely support at 1.5500 which should be a key psychological number, but this level should be treated with extra care.
The overall picture looks bearish.
There are no high-impact data releases scheduled today directly concerning either the GBP or the USD. It is likely to be a quiet day for this pair.