GBP/USD Signals Update
Yesterday’s signals expired without being triggered as there was no bullish price action at 1.5065.
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 1.5050.
* 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 1.5000.
* 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 3
* 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 1.5154.
* 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.
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
Although this pair just got a move up from buying at 1.5000, it is not holding up so well, and this seems to be at least partly due to yesterday’s poor U.K. economic data release.
The action right now is quite choppy but it would be logical to expect support at 1.5050 and even stronger support at the key 1.5000 level.
Regarding the GBP, there will be a release of Construction PMI data at 9:30am London time. Concerning the USD, there will be a release of the ADP Non-Farm Employment Change at 1:15pm. Later at 5:25pm the Chair of the Fed will be speaking.