GBP/USD Signals Update
Last Thursday’s signals expired without being triggered as neither of the key levels were reached.
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 1.5078.
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 of 1.5337.
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
This pair is relatively quiet and choppy right now, without many truly clear horizontal lines of support or resistance nearby, with the exception of probable support at 1.5078. It would probably be a good idea to leave this pair alone today except in the case that the price gets down to that level. There is a small double bottom just above it at 1.5100 which might also be support prior to the price getting all the way down there.
Concerning the USD, there will be a release of Trade Balance data at 1:30pm London time. There is nothing due regarding the GBP.