GBP/USD Signals Update
Last Thursday’s signals expired without being triggered as the price never reached 1.5160.
Today’s GBP/USD Signals
Risk 0.75% per trade.
Trades may only be entered between 8am and 5pm London time today.
Long Trade 1
Long entry after bullish price action on the H1 time frame immediately following the next touch of 1.5350.
Put the stop loss 1 pip below the local swing low.
Adjust the stop loss to break even once the trade is 30 pips in profit.
Remove 50% of the position as profit when the trade is 30 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 1.5250.
Put the stop loss 1 pip below the local swing low.
Adjust the stop loss to break even once the trade is 30 pips in profit.
Remove 50% of the position as profit when the trade is 30 pips in profit and leave the remainder of the position to run.
Short Trade 1
Short entry after bearish price action on the H1 time frame immediately following the next touch of 1.5350.
Put the stop loss 1 pip above the local swing high.
Adjust the stop loss to break even once the trade is 30 pips in profit.
Remove 50% of the position as profit when the trade is 30 pips in profit and leave the remainder of the position to run.
GBP/USD Analysis
This pair pushed up strongly on Thursday, breaking up above its narrower, higher consolidating triangle that I highlighted in my analysis last Thursday. Unfortunately I did not pay enough attention to it as a potential springboard for a continuing move up.
The strong move up took the price up very quickly beyond the previous swing high at 1.5350 and this may quite probably now act as support if we pull back to it and this might happen today. If we break down through this level, we could reach the broken trend line currently sitting at around 1.5250 which should be a nice confluence to push another move up.
Above the price there is old support within reach that is likely to act as resistance. This level is at 1.5484.
There are no high-impact data releases scheduled for today concerning either the GBP or the USD. It is a public holiday in the USA. Therefore today is likely to be a very quiet day for this pair.