GBP/USD Signals Update
Last Thursday’s signals expired without being triggered as there was no bullish price action at 1.4900.
Today’s GBP/USD Signals
Risk 0.75% per trade.
Trades may only be taken between 8am and 5pm London time today.
Short Trade 1
* Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.5050.
* 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.
Long Trade 1
* Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.4878.
* 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 price reaches 25 pips in profit and leave the remainder of the position to ride.
Long Trade 1
* Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.4802.
* 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 price reaches 25 pips in profit and leave the remainder of the position to ride.
GBP/USD Analysis
The price has been sitting on the support at around 1.4878 since Thursday, after falling down there with some momentum following the U.S. rate hike.
The British Pound has been one of the weaker currencies over the long-term, but it is not falling smoothly, and is seen as supported over the long-term at around 1.4500 so it may not have an awful lot further to fall. However the Bank of England are talking dovish on the rate hike question, so as long as that remains the case this pair should hold a bearish bias.
The support at 1.4878 is proving hard to break so if we get a turn here, perhaps after another touch, we could see a move up to 1.5000 or so, but be careful.
There is nothing due today concerning either the GBP or the USD.