GBP/USD Signals Update
Last Thursday’s signals were not triggered as the price never hit either 1.4800 or 1.4981 during that day’s London session.
Today’s GBP/USD Signals
Risk 0.75% per trade.
Trades may only be taken before 5pm London time.
Long Trade 1
Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.4878.
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.
Remove 50% of the position as profit when the price reaches 1.4950 and leave the remainder of the position to ride.
Short Trade 1
Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.4981 provided there is no hourly close above 1.5050.
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.
Remove 50% of the position as profit when the price reaches 1.4900 and leave the remainder of the position to ride.
GBP/USD Analysis
At the end of last week we saw a very sharp rise in this pair with the price breaching the 1.5000 level for a time before falling back. I had expected the area above 1.4981 to be resistant and it took a while but the price did fall off from there. However the price has been reluctant to fall any further so far. We have printed plenty of flipped resistance to support levels below with the closest being 1.4878. It could be fruitful playing either direction with this pair. It is likely that support and resistance levels will hold today as there is no high-impact news due.
There are no high-impact events scheduled today concerning either the USD or the GBP.