GBP/USD Signals Update
Yesterday’s signals were not triggered and expired.
Today’s GBP/USD Signals
Risk 0.75% per trade.
Trades may only be entered between 8am and 5pm London time today.
Long Trade 1
* Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.5000.
* 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 trade is 25 pips in profit and leave the remainder of the position to ride.
Long Trade 2
* Go long following a bullish price action reversal on the H1 time frame immediately upon the next entry into the zone between 1.4900 and 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 trade is 25 pips in profit and leave the remainder of the position to ride.
Short Trade 1
* Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.5158.
* 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.
Short Trade 2
* Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.5200.
* 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.
GBP/USD Analysis
I forecast yesterday that it would probably be a down day for this pair and so it was, although the fall has been extremely slow. We have some GBP news due shortly that might give some fresh impetus to the directional movement. All the same key levels are in play and although the long-term trend remains bearish, as the move down is so slow and weak it feels as if we could get a strong reversal at the key round number of 1.5000, especially if the news release spikes the price down to that level.
There is nothing due today regarding the USD. Concerning the GBP, there will be a release of Manufacturing Production data at 9:30am London time.