GBP/USD Signals Update
Yesterday’s signals expired without being triggered.
Today’s GBP/USD Signals
Risk 0.75% per trade.
Trades must be made 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 the supportive trend line currently sitting at around 1.5312.
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 1.5381.
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
This pair was very quiet and really went nowhere. The price remains stuck between the long-term ascending trend line below and the horizontal resistance above at 1.5381. There are important news items due today for both currencies so it is almost certain that one or the other will get hit and provide a chance for a reversal trade.
There is also quite a lot of resistance above confluent with the psychologically important round number of 1.5500 where there already was a triple top formation that has not been breached yet.
Concerning the GBP, there will be a release of Preliminary GDP data at 10:30 am London time. Regarding the USD, there will be a release of Core Durable Goods Orders data at 1:30pm London time, followed by CB Consumer Confidence at 3pm.