GBP/USD Signals Update
Last Thursday’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.
Long Trade 1
* 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 1.5065.
* 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 1.5154.
* 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 had thought some kind of reaction upwards was due at the end of last week but the price continued to fall and actually made a new multi-month low earlier after this week’s open. At the end of last week we printed new resistance at 1.5065.
This pair is now at an interesting crossroads: the 1.50 level is very psychologically significant so the area the price is in at the moment could be extremely pivotal, all the way down to 1.4970. Overall the picture looks bearish but it would not be surprising if buyers stepped in close to 1.5000 or just below there, especially if there will be good news for the GBP or bad news for the USD.
There is nothing due today regarding the GBP or the USD.