GBP/USD Signals Update
Yesterday’s signals were not triggered as the price did not hit 1.5750 until after the London close yesterday.
Today’s GBP/USD Signals
Risk 0.75% per trade.
Trades may only be taken between 8am and 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 1.5603.
Place the stop loss 1 pip below the local swing low.
Adjust 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 1.5740 and leave the remainder of the position to ride.
Short Trade 1
Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.5853.
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.
Remove 50% of the position as profit when the price reaches 1.5615 and leave the remainder of the position to ride.
GBP/USD Analysis
We have managed to break up above the anticipated resistance at 1.5750 but the fact that so far this break is happening quite weakly compared to the way that other currencies are moving up strongly against the USD shows that we are probably entering a more resistive area. The upwards trend is still intact and we can continue upwards, but the closer we get to 1.5853, the more resistive things are probably going to get.
There will be a release of U.S. PPI and Unemployment Claims data at 1:30pm London time today.