GBP/USD Signals Update
Yesterday’s signals were triggered with a long trade off a break of an inside hourly candle from the support at 1.5164. This trade made some profit at 1.5225 and is probably worth hanging onto for the remainder just in case the election results push the pound up later. Alternatively, at least until 1.5300.
Today’s GBP/USD Signals
Risk 0.75% per trade.
Trades must be entered before 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 1.5078.
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 1.5140 and leave the remainder of the position to ride.
Long Trade 2
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.4971.
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 1.5075 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 1.5300.
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 1.5175 and leave the remainder of the position to ride.
Short Trade 2
Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.5395.
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 1.5325 and leave the remainder of the position to ride
GBP/USD Analysis
I was broadly correct yesterday in that this pair did not really rise by much yesterday, but it did rise in line with the bullish bias I had identified, and the support I saw at 1.5174 was good support for a profitable long trade.
We can probably expect more ranging today, with little news, although the USD news later could move the price. However the market will probably wait for more clarity from the U.K. which means the general election result, and this will probably not be known before Friday.
There will be a release of U.S. Unemployment Claims data at 1:30pm London time.