GBP/USD Signals Update
Yesterday’s signals expired without being triggered.
Today’s GBP/USD Signals
Risk 0.75% per trade.
Trades may only be taken before 5pm London time.
Short Trade 1
Go short following a bearish price action reversal on the H1 time frame immediately upon the first entry into the resistance zone shown on the chart below currently between 1.4981 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 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.
GBP/USD Analysis
Yesterday I saw the day as being bearish following the break down below 1.4775 early in the London session. However later in the day the pair shot up above 1.4850, but fell back fairly quickly and was not really able to continue with any bullish momentum.
There are high-impact events scheduled today concerning both the GBP and the USD. Concerning the GBP, there will be a release of Manufacturing PMI data at 9:30am London time. Regarding the USD, there will be a release of ADP Non-Farm Employment Change data at 1:15pm. Later at 3pm there will be a release of ISM Manufacturing PMI.