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 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 1.5673.
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 1.5610 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 1.5803.
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 1.5610 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 1.5545.
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 1.5610 and leave the remainder of the position to ride.
Long Trade 2
Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.5414.
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 1.5610 and leave the remainder of the position to ride.
GBP/USD Analysis
I forecast yesterday that it seemed likely that the range would hold again for another day. This is exactly what happened, with neither of the key levels being hit.
Both currencies in this pair are relatively strong so the ranging pattern is not a surprise. If either of the news items due today are surprising, we could see a breakout from that range.
I feel this is not a great pair to trade until the USD materially weakens, as there are much weaker currencies to short against the USD.
There are items due today for both the GBP and the USD. Concerning the GBP, there will be a release of UK Sales Data at 9:30am London time. Regarding the USD, there will be a release of Unemployment Claims data at 1:30pm.