GBP/USD Signals Update
Last Thursday’s signals were not triggered as the price never reached either 1.5603 or 1.5853.
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
Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.5603.
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 price reaches 1.5740 and leave the remainder of the position to run.
Short Trade 1
Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.5853.
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 price reaches 1.5615 and leave the remainder of the position to run.
GBP/USD Analysis
I wrote on Thursday that although the uptrend remained intact the price is entering an area that would probably prove to be more resistive and so it has proved to be. Of course, the fact that we are approaching major USD data this Wednesday might chill the market in any case.
I still see major resistance at 1.5853 and a possible opportunity for another long trade at around 1.5600.
There are no high-impact news releases scheduled today concerning either the USD or the GBP.