GBP/USD Signals Update
Yesterday’s signal expired without being triggered as the price never reached 1.5033.
Today’s GBP/USD Signals
Risk 0.75%
Trades may only be taken before 5pm London time.
Long Trade 1
Go long after bullish price action on the H1 time frame immediately following the next touch of 1.5033.
Place the stop loss 1 pip below the local swing high.
Move the stop loss to break even once the trade is 30 pips in profit.
Take off 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
There is little change from yesterday in this pair, despite the FOMC announcement yesterday giving a little strength to the USD and moving this pair down a fair bit.
The potential support is still there at 1.5033 but we have some way to go to get there yet.
This remains a very difficult pair to trade, the action is relatively choppy and uncertain.
Overall the action seems to suggest we will be more likely to have a move down than up during initial London trading. There are no high-impact news items to get in the way or throw the price around due before the New York open.
There are no high-impact data releases scheduled today concerning the GBP, but there is one regarding the USD. At 1:30pm London time there will be a release of Unemployment Claims data.