GBP/USD Signals Update
Yesterday’s signals expired without being triggered as there were hourly closes below the level of 1.4802 before there was any bullish price action.
Today’s GBP/USD Signals
Risk 0.75% per trade.
Trades may only be taken from 8am to 5pm London time today.
Short Trade 1
* Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.4874.
* 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.
* 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.
Short Trade 2
* 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.
* 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
* Long entry following a bullish price action reversal on the H1 time frame immediately upon the next entry into the zone between 1.4798 and 1.4785.
* 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.
Long Trade 2
* Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.4691.
* 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
The price fell yesterday with some momentum, before pulling back a little below but not very far below the expected support at around 1.4800. However the price has again begun to fall from about one hour before London opened. It looks as if the price is again going to test the support at around 1.4800. A break below 1.4785 could see a further fall all the way down to 1.4700.
Be very careful in taking any long trades. The picture is very bearish overall.
There is nothing due today concerning the GBP or the USD.