GBP/USD Signals Update
Yesterday’s signals expired without being triggered as there was no bullish price action at the supportive trend line.
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 1.5217.
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 1.5372.
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.
Short Trade 2
Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch 1.5410.
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
Yesterday the pair took some poor U.K. news and fell then bounced slightly from the supportive trend line, before turning around again and breaking down decisively, although not really very strongly. This is a bearish sign for the GBP which has been one of the weaker global currencies over recent weeks in any case.
Recent days have seen downwards steps with the confirmation of new resistance levels, which is another bearish sign. I see a bearish bias until we get a bullish rejection of 1.5217 or a decisive break up past 1.5410.
Regarding the USD, there will be a release of the FOMC Statement and Federal Funds Rate at 6pm London time. There is nothing due concerning the GBP.