GBP/USD Signal Update
Yesterday's signals expired without being triggered.
Today’s GBP/USD Signals
Risk 0.75%
Trades may only be taken before 5pm London time today.
Short Trade 1
- Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of the bearish trend line currently sitting at around 1.5556.
- 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 1.5560 and leave the remainder of the position to ride.
Long Trade 1
- Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.5413.
- 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 1.5550 and leave the remainder of the position to ride.
GBP/USD Analysis
I wrote yesterday that the bearish trend line above was not yet reliable, but ironically it was confirmed with another touch which proved to be the high of yesterday. The pair has been falling since then, and in recent hours has broken down past the anticipated support level of 1.5466. This is a bearish sign.
There is an excellent “flipped” level below that should be supportive at approximately 1.5414. The way is clear for a further fall down to that level now.
Regarding the GBP, there will be a release of CPI data at 9:30am London time followed by Inflation Report Hearings at 10:15am. The Governor of the Bank of England will speak at 12:45pm. Concerning the USD, there will be a release of Retail Sales data at 1:30pm.