GBP/USD Signals Update
Last Thursday’s signals gave a profitable long trade off the bullish reversal from the support level identified at 1.5248.
Today’s GBP/USD Signals
Risk 0.75% per trade.
Trades must be made before 5pm London time today only.
Long Trade 1
* Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.5133.
* 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.
Long Trade 2
* Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.4971.
* 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 1.5248.
* 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 of 1.5363.
* 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
The GBP has been kind of holding up against the USD, even though it has been drifting downwards, and it logically looks like a good short trade. I think if we are going to see any really sharp moves with this pair it is going to be on the short side. The longer-term charts suggest an accelerating downwards move.
On the long side, the support level at 1.5133 does look like it should give a few pips on the long side.
Regarding the GBP, there is nothing due today. Concerning the USD, there will be an announcement from the Federal Reserve on an unknown topic.