GBP/USD Signals Update
Yesterday’s signals expired without being triggered as the bearish price action took place above 1.4878.
Today’s GBP/USD Signals
Risk 0.75% per trade.
Trades must be made 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 1.4950.
* 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.
Long Trade 1
* Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.4802.
* 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 price reaches 25 pips in profit and leave the remainder of the position to run.
GBP/USD Analysis
I wrote yesterday that 1.4878 would probably prove to be resistant. As it happened, the price did manage to reach the round number above that at 1.4900, making the high of the day and reversing to fall. However there was new support at 1.4860 which held the price up. At the time of writing it appears to be falling again, but is unlikely to reach the key support close to 1.4800 or any key levels at all until next week, so opportunities are likely to be limited today.
There is nothing due today concerning the GBP. Regarding the USD, there will be a release of Unemployment Claims data at 1:30pm London time.