GBP/USD Signals Update
Yesterday’s signals gave a profitable short signal off the bearish reversal from the anticipated resistance at 1.5803. It will probably be wise to take further profit now.
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 the bullish trend line currently sitting at around 1.5660.
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 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.
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 run.
Short Trade 1
Go short 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 run.
GBP/USD Analysis
All that can be said is that this pair continues to behave calmly and quite predictably, even with all the wild swings going on in other markets. Yesterday saw a rise up to the resistance at 1.5803 and a predictable short reversal that was given some impetus by the good economic news out of the U.S.
One new development that can be seen in the chart below is the formation of a supportive bullish short-term trend line that is currently sitting at around 1.5660. A break below this would signal a likely further move down to the supportive confluence starting at 1.5544 which could be a really great are at which to get long.
There is nothing due today concerning the GBP. Regarding the USD, there will be a release of Core Durable Goods Orders data at 1:30pm London time.