GBP/USD Signals Update
Yesterday’s signals might have produced a losing long trade just under the high of the day.
Today’s GBP/USD Signals
Risk 0.75% per trade.
Trades may only be taken between 8am and 5pm London time today.
Long Trade 1
Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.5078.
Put 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.
Remove 50% of the position as profit when the trade is 25 pips in profit and leave the remainder of the position to run.
Short Trade 1
Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.5337.
Put 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.
Remove 50% of the position as profit when the price reaches 25 pips in profit and leave the remainder of the position to run.
GBP/USD Analysis
I forecast yesterday that we were probably going to break below 1.5164 and this has happened although the breakdown has been very slow and gradual. There is now no probable strong support until we get down as low as 1.5078. However there is no obvious resistance above before 1.5337 so it might be quite hard to trade this pair short today.
Regarding the GBP, there will be a release of Current Account data at 9:30am London time. Concerning the USD, there will be a release of ADP Non-Farm Employment Change data at 1:15pm. At 8pm, the Chair of the Federal Reserve will be speaking.