GBP/USD Signals Update
Last Thursday’s signals were not triggered as there was no bullish price action at 1.5148.
Today’s GBP/USD Signals
Risk 0.75% per trade.
Trades must be entered before 5pm London time today only.
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 1.5300.
* 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 pair was bullish last week but was not quite able to reach the resistance level confluent with a key psychological level at 1.5250 although it did get to within a few pips of that level. The price has been acting fairly bearishly ever since, finding minor support just above the round number at 1.5100.
The best possibility today will probably be positive GBP news spiking the price up to 1.5248 or above, from where it might be possible to short very profitably.
Regarding the GBP, there will be a release of U.K. CPI data at 9:30am London time. Concerning the USD, there will be a release of CPI data at 1:30pm.