GBP/USD Signals Update
Last Thursday’s signals expired without being triggered.
Today’s GBP/USD Signals
Risk 0.75% per trade.
Trades may only be taken from 9am to Noon New York time today.
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.
Short Trade 2
* Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.5000.
* 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.
* 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
Since the weekly open the price made another attempt to move up to the resistance at 1.4950 which I identified last week, but it failed again and now seems to be moving down. This means that we may have already put the high in and therefore we might well see a downwards move today. Of course as London is closed, trading in this pair is likely to be very thin anyway, so there may not be much movement at all for several hours once Tokyo closes today (Monday).
There is nothing due today concerning the GBP or the USD, it is also a public holiday in the U.K.