GBP/USD Signals Update
Yesterday’s signals provided a brief, small and slightly profitable trade off the inside doji candle following the first touch of the bearish trend line.
Today’s GBP/USD Signals
Risk 0.75% per trade.
Trades may only be taken before 5pm London time today.
Long Trade 1
Go long following a bullish price action reversal on the H1 time frame immediately upon the next entry into the zone between 1.5536 and 1.5544.
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 1.5590 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 trend line currently sitting at about 1.5470.
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 1.5530 and leave the remainder of the position to run.
Long Trade 3
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.5414.
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 1.5530 and leave the remainder of the position to run.
Short Trade 1
Go short 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 1.5600.
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 1.5555 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 entry into the zone between 1.5665 and 1.5690.
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.
GBP/USD Analysis
I wrote yesterday that this pair is flat and trapped within a consolidating triangle, and the situation has not changed, with both the bearish trend line and the nearest support level both holding over the past 24 hours. Therefore there is no change to the situation at all.
There is nothing due today regarding either the USD. Concerning the GBP, there will be a release of the Average Earnings Index and Claimant Count Change data at 9:30am London time.