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.
Short Trade 1
* Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.4000.
* 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 1.4050.
* 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
This pair again made a new 7 year low yesterday and there is no end to the fall in sight although there was a pullback during yesterday’s New York session. The bearish trend and sentiment are so strong that it is very easy to trade this pair short without waiting for a deep pullback. It seems that any retracement to a .50 or .00 round number level is good enough to expect a resumption of the downwards move.
Concerning the GBP, there will be a release of Second Estimate GDP data at 9:30am London time. Regarding the USD, there will be releases of Core Durable Goods Orders and Unemployment Claims at 1:30pm.