GBP/USD Signals Update
Yesterday’s signals expired without being triggered.
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.
Short Trade 1
Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.5700.
Put 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.
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
It had looked like the move up was running out of steam, but after falling below the 1.5500 level during yesterday’s London session, the pair began a fairly strong upwards move again, breaking the 1.5600 round number during today’s Asian session.
There is a resistant zone that begins at around 1.5650 and stretches up to 1.5700 which may prove hard to break today, even if the forthcoming news is good for the GBO.
We are quite far from key resistance and support either side of the price at the moment, so it is quite likely we will not hit either level today.
Concerning the GBP, there is U.K. CPI data at 9:30am London time. Regarding the USD, there will be a release of Building Permits data later at 1:30pm.