GBP/USD Signals Update
Yesterday’s signals expired without being triggered.
Today’s GBP/USD Signals
Risk 0.75% per trade.
Trades must be taken between 8am and 5pm London time today only.
Long Trade 1
Long entry following a bullish price action reversal on the H1 time frame off the broken bearish trend line currently sitting at around 1.5550.
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 1.5690 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 entry into the zone between 1.5544 and 1.5535.
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 1.5690 and leave the remainder of the position to ride.
Long Trade 3
Long entry following a bullish price action reversal on the H1 time frame off the bullish trend line currently sitting at around 1.5513.
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 1.5635 and leave the remainder of the position to ride.
Short Trade 1
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 1.5710 and leave the remainder of the position to ride.
GBP/USD Analysis
This pair moved little yesterday, even following the FOMC release which saw a weakening of the USD. There is some resistance, it seems, at about 1.5700 but I do not really trust it enough to trade off it. Looking at the chart below, it can be seen that this pair is slowly tilting bullishly upwards.
Concerning the GBP, there will be a release of Retail Sales data at 9:30am London time. Regarding the USD, there will be a release of Unemployment Claims data at 1:30pm, followed by Existing Home Sales and the Philly Fed Manufacturing Index at 3pm.