GBP/USD Signals Update
Yesterday’s signals expired without being triggered as although the price did reach 1.5187 there was no bearish price action there.
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 1.5164.
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 1.5225 and leave the remainder of the position to ride.
Long Trade 2
Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.5078.
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 1.5140 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 1.5300.
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 1.5100 and leave the remainder of the position to ride.
Short Trade 2
Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.5395.
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 1.5325 and leave the remainder of the position to ride
GBP/USD Analysis
I was a little wrong in expecting support and resistance levels to hold yesterday, in fact this pair flipped a resistant area to become probable future support at around 1.5164. This is a bullish sign.
There remains plenty of event risk with the British voting tomorrow in a General Election that still looks very likely to produce an unstable outcome.
There are high-impact events scheduled today concerning both the GBP and the USD. At 9:30am London time there will be a release of U.K. Services PMI data. Regarding the USD, there will be a release of ADP Non-Farm Employment Change data at 1:15pm followed by the Chair of the Federal Reserve speaking at a Panel Discussion commencing at 2:15pm.