GBP/USD Signals Update
Yesterday’s signal expired without being triggered as the price never fell to 1.5170.
Today’s GBP/USD Signals
Risk 0.75% per trade.
Trades must be entered before 5pm London time today.
Long Trade 1
Long entry after bullish price action on the H1 time frame immediately following the next touch of the broken bullish trend line shown on the chart below which is currently sitting just above 1.5165.
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.
Long Trade 2
Long entry after bullish price action on the H1 time frame immediately following the next touch of 1.5096.
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
I had forecast that yesterday was likely to have at least some volatility but despite the U.K. economic data release it was another quiet day, with no real changes to the technical picture occurring at all. Overall it still looks quite bullish with some minor support at the whole number below of 1.5200. A pull back to the broken trend line below or the support level identified below that would probably give a good opportunity for a long trade.
There are no high-impact data releases scheduled for later today concerning either the GBP or the USD. Therefore it is likely that today will be a quiet day for this pair.