GBP/USD Signals Update
Yesterday’s signals expired without being triggered as the price never reached either 1.5381 or 1.5557.
Today’s GBP/USD Signals
Risk 0.75% per trade.
Trades may only be entered 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 1.5381.
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.
Long Trade 2
Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of the bullish trend line currently sitting at about 1.5275.
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 1.5557.
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
It was looking as if the price has broken up past the resistance just short of the 1.5500 level, but the price then turned around and fell, although not by very much. We are now left with a supportive area not far away, beginning at 1.5381. The logical trade today appears to be a fall down to this level making the low of the day before reversing upwards. However, the London session is likely to be very quiet, and this pair is quite settled and choppy, and generally the Forex market is ranging quietly anyway, so there might well not be any good trade here today.
There are no high-impact releases due today concerning the USD. Regarding the GBP, the Governor of the Bank of England will be speaking at 6pm London time.