GBP/USD Signals Update
Yesterday’s signals were not triggered as we did not get sufficiently bullish price action at 1.5554.
Today’s GBP/USD Signals
Risk 0.75% per trade.
Trades must be entered between 8am and 5pm London time today only.
Short Trade 1
Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.5673.
Put 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 1.5610 and leave the remainder of the position to run.
Short Trade 2
Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.5803.
Put 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 1.5680 and leave the remainder of the position to run.
Long Trade 1
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.5545.
Put 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 1.5610 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 the broken bearish trend line currently sitting at around 1.5420.
Put 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 1.5550 and leave the remainder of the position to run.
GBP/USD Analysis
As I expected, the range has roughly held, although there was a little pressure on the 1.5554 level and the price got down to about 1.5525 at one point.
The were no surprises from the MPC voting a little while ago, but the pair had a spike up since the London open, although the pair is well within the range.
As there is no USD news expected today, it seems likely that the range will hold again for another day.
There is nothing further due today regarding the USD or the GBP.