GBP/USD Signals Update
Last Thursday’s signals produced a profitable long trade following the pin candle rejecting support at 1.4564.
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
* Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.4558.
* 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 1.4648.
* 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.
GBP/USD Analysis
We got a meaningfully bullish bounce yesterday off previous multi-month lows, but this eventually was broken to the downside on Friday as a new 5 year low was made by this pair. However it seems we are now coming up from the big round number at 1.4500 and at the time of writing it seems we are heading for at least 1.4557 and possibly beyond that. The downwards trend remains strong so pullbacks to these areas should be good opportunities to look for shorts.
There is nothing due today concerning either the GBP or the USD.