GBP/USD Signals Update
Yesterday’s signals were not triggered.
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 1.4205.
* 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.
* 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
* Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.4350.
* 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
* Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of the descending trend line currently sitting at around 1.4475.
* 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 FOMC release yesterday was a bit of a non-event. The sharp fall and flipping of support to resistance at around 1.4350 had suggested a continuing fall was due, and overall the action does look bearish, but the expected fall is slow in coming. We are getting some buying at 1.4250 which threatens a short-term upwards move.
There has been no change to the bigger technical picture. A fast spike failing at 1.4350 would be likely to be the best opportunity that might arise. A good bullish reversal at 1.4205 is also something that will probably be worth watching out for.
There is nothing due today concerning the GBP. Regarding the USD, there will be releases of the Philly Fed Manufacturing Index and Unemployment Claims data at 1:30pm London time, followed later by Crude Oil Inventories at 4pm.