GBP/USD Signals Update
Last Thursday’s signal was not triggered and expired.
Today’s GBP/USD Signals
Risk 0.75% per trade.
Trades may only be made before 5pm London time today.
Long Trade 1
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.4775.
Put 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.
Take off 50% of the position as profit when the trade is 25 pips in profit and leave the remainder of the position to run.
Short Trade 1
Go short following a bearish price action reversal on the H1 time frame immediately upon the first touch of the broken bullish trend line and/or resistance zone shown on the chart below currently between 1.4973 and 1.5019.
Put the stop loss 1 pip above the local swing high.
Move the stop loss to break even once the trade is 20 pips in profit.
Take off 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to run.
GBP/USD Analysis
The consolidating triangle I had identified towards the end of last week finally broke down as the resistance at around 1.5000 was just too strong. The supportive triangle trend line has now become resistant, it can be seen in the chart below as having produced a fall in the price when it was almost retested following the break.
There is possible support below at 1.4775 but the resistant zone with the broken trend line above looks stronger.
There are no high-impact events scheduled today concerning either the GBP or the USD.