GBP/USD Signals Update
Yesterday’s signal was not triggered and expired.
Today’s GBP/USD Signals
Risk 0.75% per trade.
Trades must be made between 8am and 5pm London time only.
Long Trade 1
Long entry if at 10am London time there is a bullish candle closing on the H1 chart in the top quarter of its range, making a high for the day, and if it breaks its high during the next hour by 1 pip before it breaks its low.
Place the stop loss 1 pip below the local swing low.
Move the stop loss to break even once the trade is 25 pips in profit or when the price hits 1.4990, whichever happens last.
Remove 50% of the position as profit when the trade is 25 pips in profit or when the price hits 1.4990, whichever happens last, and leave the remainder of the position to run.
GBP/USD Analysis
It was a quiet day yet again for this pair yesterday and there is no change in the technical picture at all. Both boundaries of the consolidating triangle that I had drawn on the chart shown yesterday held, although I had not recommended a short trade off the upper trend line.
We can look for the same long entry as yesterday but leave it until after the news release. If that news release causes a good bullish candle. It should be even better if the news pushes the price of this pair above 1.5000.
There are high-impact events scheduled today concerning both the GBP and the USD. Regarding the GBP, at 9:30am London time there will be a release of U.K. Retail Sales data. As for the USD, later at 12:30pm there will be a release of U.S. Unemployment Claims data.