GBP/USD Signals Update
Last Thursday’s signals were not triggered as the bullish reversal took place a little below the anticipated support at the 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 touch of 1.5588.
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 1.5650 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 entry into the zone between 1.5544 and 1.5535.
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 1.5650 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 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
At the time of writing, which is a few minutes after the London open which is usually a crucial time for this pair, the price has risen up into the anticipated resistance zone that stretches from 1.5665 to 1.5690, from which it has fallen with some sharpness. On the hourly chart shown below, this pair is currently in the process of printing a bearish inside candle, which if it breaks down, should provide a short signal, suggesting a move back down to 1.5600 at least.
A break up above 1.5690 would be a very bullish sign, and is unlikely to happen today.
There is nothing due today regarding either the GBP or the USD.