GBP/USD Signals Update
Yesterday’s signals were not triggered and expired.
Today’s GBP/USD Signals
Risk 0.75% per trade.
Trades may only be taken between 8am and 5pm London time today.
Long Trade 1
Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.5653.
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.
Take off 50% of the position as profit when the price reaches 1.5700 and leave the remainder of the position to ride.
Short Trade 1
Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.5803.
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.
Take off 50% of the position as profit when the price reaches 1.5765 and leave the remainder of the position to ride.
Short Trade 2
Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.5850.
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.
Take off 50% of the position as profit when the price reaches 1.5765 and leave the remainder of the position to ride.
GBP/USD Analysis
This pair did little yesterday, with all the focus being on the Euro. The Euro and the British Pound tend to be highly correlated, however it seems at the moment this is not really the case. Although there is news today on both sides of the pair, it is quite likely to remain choppy and so either of the closest support or resistance levels identified previously could be likely to give good trade opportunities as price reversal levels.
Regarding the GBP, there will be a release of Current Account data at 9:30am London time. Concerning the USD, there will be a release of CB Consumer Confidence data at 3pm.