GBP/USD Signals Update
Yesterday’s signal was not triggered as the price did not reach 1.4683 during the London session.
Today’s GBP/USD Signals
Risk 0.75% per trade.
Trades must be entered between 8am and 5pm London time today only.
Short Trade 1
Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.4690.
Place the stop loss 1 pip above the local swing high.
Adjust the stop loss to break even once the trade is 25 pips in profit.
Take off 50% of the position as profit when the price reaches 1.4625 and leave the remainder of the position to run.
GBP/USD Analysis
Yesterday I identified the only key level in existence anywhere remotely nearby as sitting at 1.4683 and this has in fact acted as resistance, but it happened overnight during the Asian session and not during the London session which my signals for this pair are always restricted to.
I have moved the level up to 1.4690 which is nicely close to a confluent whole number at 1.4700 as the action has been weak in advance of the major news expected from both sides of the pair today. Therefore I see another bearish reversal off this area as a good potential catalyst today for a short trade. Be careful of the news.
There is minor support at 1.4625.
There will be a release of U.K. CPI data at 9:30am London time. Regarding the USD, at 1:30pm there will be releases of Retail Sales and PPI data. Therefore it should be an active day for this pair today.