GBP/USD Signals Update
Last Thursday’s signals were not triggered as there were hourly closes above 1.5402.
Today’s GBP/USD Signals
Risk 0.75% per trade.
Trades must be made before 5pm London time.
Long Trade 1
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.5164.
Place 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.
Remove 50% of the position as profit when the price reaches 1.5240 and leave the remainder of the position to ride.
Short Trade 1
Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.5402.
Place 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.
Remove 50% of the position as profit when the price reaches 1.5300 and leave the remainder of the position to ride.
GBP/USD Analysis
As expected, the 1.5402 level did act as good resistance, and it should continue to do so all other things being even. Lately both sides of this pair have been relatively strong, so the pair does not really go anywhere, as can be seen from the chart below that covers recent days. Along with the EUR/USD pair, this pair is probably going to be fairly difficult to trade. However today should be a fairly quiet day and the resistance at 1.5402 and support at a.5164 can be expected to hold for the time being.
There are no high-impact events scheduled today for the USD or the GBP.