GBP/USD Signals Update
Yesterday’s signals were not triggered as the bullish reversal occurred below 1.5133.
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
* Go long if the price is above 1.5147 at 9am London time.
* 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.
Long Trade 2
* Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.4971.
* 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 of 1.5248.
* 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 support level I previously identified at 1.5133 did not hold so well after all, although there was a bounce from a level 10 pips or so below there. At the time of writing the price is sitting on 1.5119 and showing some bullish signs so if the first hour of London trading sees the price come up strongly, that could be a great setting for a long trade.
Overall, I think the outlook looks bearish.
Regarding the GBP, there is nothing due today. Concerning the USD, there will a release of Preliminary GDP data at 1:30pm London time followed by CB Consumer Confidence at 3pm.