GBP/USD Signals Update
Yesterday’s signals were not triggered as there was no bearish price action at either of the resistance levels.
Today’s GBP/USD Signals
Risk 0.75% per trade.
Trades may only be entered between 8am and 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 1.5434.
Put 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.
Take off 50% of the position as profit when the price reaches 1.5500 and leave the remainder of the position to run.
GBP/USD Analysis
Yesterday the price went up past the crucially important psychological level of 1.5500, but was not able to remain up there and is now trading below that level. However this move did break two resistance levels and the picture does look bullish. The closest key support or resistance is probable flipped support below at the previous double top of 1.5434. It looks like we are now falling to that area where we will probably get a reversal. The support could start to kick in as high as 1.5450 so be prepared.
Apart from yesterday’s high at around 1.550 which looks like a real resistive inflection point, there is no more resistance above that until 1.5700.
There are no high-impact events scheduled today for the GBP. Regarding the USD, there will be Retail Sales and Unemployment Claims data released at 1:30pm London time.