GBP/USD Signals Update
Yesterday’s signals expired without being triggered.
Today’s GBP/USD Signals
Risk 0.75% per trade.
Trades must be entered 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 1.5217.
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 1.5372.
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.
Short Trade 2
Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch 1.5410.
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 GBP continued to fall yesterday, although neither of the key levels have been hit. The currency is fairly weak but the driver is really the USD here. We are not far from support that will probably stretch from 1.5217 down to 1.5200. We might get a bullish reversal there, but be careful as the market sentiment on the USD may have changed now following yesterday’s FOM release. A short following a pullback to somewhere near the round number at 1.5300 might be a higher-probability trade.
Regarding the USD, there will be a release of Advance GDP and Unemployment Claims at 12:30pm London time. There is nothing due concerning the GBP.