GBP/USD Signals Update
Yesterday’s signals were not triggered as the price did not quite reach 1.5164.
Today’s GBP/USD Signals
Risk 0.75% per trade.
Trades may only be made 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 1.5164.
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 1.5240 and leave the remainder of the position to run.
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 1.5150 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 1.5402.
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 1.5300 and leave the remainder of the position to run.
GBP/USD Analysis
Yesterday I saw key support at 1.5164 and the price bottomed just 4 pips above this level. We remain well within yesterday’s range and appear set for a period of consolidation, although the GBP news due this morning might push the price around.
Regarding the GBP, there will be U.K. Construction PMI data released at 9:30am London time. There is nothing today concerning the USD.