GBP/USD Signals Update
Last Thursday’s signals expired without being triggered as none of the key levels were hit during that day’s London session.
Today’s GBP/USD Signals
Risk 0.75% per trade.
Trades must be entered before 5pm London time today only.
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 1.5673 and 1.5689.
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 1.5605 and leave the remainder of the position to run.
Long Trade 1
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.5537.
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 1.5575 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 1.5464.
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 1.5525 and leave the remainder of the position to run.
GBP/USD Analysis
Yesterday’s forecast worked out well as despite the relatively strong bullishness this pair exhibited throughout most of the London session and in spite of seeming to break out past the resistance at 1.5673, the pair actually peaked just a few pips beyond that before falling very rapidly in the lead up to the FOMC release. A short trade taken from the 1.5673 area could have been nicely profitable.
All the levels remain the same, I just extend the resistance above to form a zone between 1.5673 and 1.5689.
Concerning the GBP, there will be a release of Manufacturing PMI data at 9:30am London time. Regarding the USD, there will be a release of Advance GDP, Goods Trade Balance and Unemployment Claims data at 1:30pm.