GBP/USD Signals Update
Yesterday’s signals expired without being triggered as there was no bullish price action at 1.4500.
Today’s GBP/USD Signals
Risk 0.75% per trade.
Trades may only be taken between 8am and 5pm London time today.
Long Trade 1
* Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.4350.
* 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 1
* Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.4500.
* 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 the bearish trend line currently sitting at around 1.4585.
* 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
There was a release yesterday of extremely poor U.K. Manufacturing data that pushed the price down very far, all the way to within a pip or so of 1.4350 which was a previous key monthly low and which I now see as probable support. Although the price bounced back quite strongly, it seems to have begun falling again in line with the long-term bearish trend. We continue to make new 5 year lows.
There is nothing due today concerning the GBP. Regarding the USD, there will be a release of Crude Oil Inventories at 3:30pm London time.