GBP/USD Signals Update
Yesterday’s signals were not triggered and expired.
Today’s GBP/USD Signals
Risk 0.75% per trade.
Trades must be taken before 5pm London time today only.
Long Trade 1
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.5381.
Place 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.
Take off 50% of the position as profit when the trade is 25 pips in profit and leave the remainder of the position to ride.
Long Trade 2
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 about 1.5280.
Place 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.
Take off 50% of the position as profit when the trade is 25 pips in profit and leave the remainder of the position to ride.
Short Trade 1
Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch 1.5557.
Place 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.
Take off 50% of the position as profit when the price reaches 25 pips in profit and leave the remainder of the position to ride.
GBP/USD Analysis
The price fell a little yesterday, but nothing important has changed. We have the same technical picture, key levels and trend lines as we had yesterday. The most interesting trade would look to be a long off the probable support at 1.5381 which is not very far away from the current price. Note that we have high-impact news due for both sides of this currency pair, so any directional move is possible.
Regarding the GBP, there will be a release of Retail Sales data at 9:30am London time. Concerning the USD, there will be a release of Unemployment Claims data at 1:30pm.