GBP/USD Signals Update
Yesterday’s signals were not triggered as the bearish price action occurred above 1.4558.
Today’s GBP/USD Signals
Risk 0.75% per trade.
Trades must be entered before 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 1.4500.
* 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.
* 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 1
* Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of the bearish trend line currently sitting at around 1.4615.
* 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.
* 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
* Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.4650.
* 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.
* 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
The London session was initially bullish, with the earlier bounce off the key round number at 1.4500 and a break above resistance at 1.4558 before the price turned just below the round number at 1.4600 prior to falling again. However the price is rising again at the time of writing and it looks as if we might have a double bottom and a pullback to the bearish trend line which should be a good opportunity to look for another short, as this strongly bearish trend is in all likelihood far from over.
Regarding the GBP, there will be a release of Manufacturing Production data at 9:30am London time, followed by the Governor of the Bank of England speaking at 2:15pm. There is nothing due today concerning the USD.