GBP/USD Signals Update
Yesterday’s signals were not triggered and expired.
Today’s GBP/USD Signals
Risk 0.75% per trade.
Trades must be entered 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 1.5030.
* 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.
GBP/USD Analysis
I wrote yesterday that overall the outlook looks bearish for this pair, and as the support failed to hold yesterday morning, the price broke down and fell to the weekly opening price from a couple of weeks ago. The price subsequently pulled back.
Below, there is a very key round number at 1.5000, so we might expect some resistance from about 1.5030 to 1.4970, which if nothing else would be a natural area at which to take profit on shorts.
I suspect the price will have to fall again to these levels before any further rise will occur.
There is nothing due today regarding the GBP. Concerning the USD, there will a release of Core Durable Goods Orders and Unemployment Claims data at 1:30pm London time.