GBP/USD Signals Update
Last Thursday’s signals expired without being triggered as the price never reached either 1.5940 or 1.5753.
Today’s GBP/USD Signals
Risk 0.75% per trade.
Trades must be made before 5pm London time only.
Long Trade 1
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.5850.
Place 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.
Remove 50% of the position as profit when the price reaches 1.5925 and leave the remainder of the position to run.
Long Trade 2
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.5753.
Place 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.
Remove 50% of the position as profit when the price reaches 1.5800 and leave the remainder of the position to run.
Short Trade 1
Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.5940.
Place 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.
Remove 50% of the position as profit when the price reaches 1.5875 and leave the remainder of the position to run.
GBP/USD Analysis
This pair has been bullish for a while now, with the GBP these days standing out as the most relatively strong of all the major global currencies. Thursday saw the pair almost reach the resistance at 1.5940 but it could not quite get there. Although the move cooled off on Friday, since the weekly open last night, the pair looks like it could keep moving up today. It is currently caught between support at 1.5850 and probable resistance at 1.5940.
There are no high-impact events scheduled today for the GBP. Regarding the USD, there will be Existing Homes Sales data at 3pm London time.