GBP/USD Signals Update
Yesterday’s signals expired without being triggered as there was no bearish price action at 1.4500.
Today’s GBP/USD Signals
Risk 0.75% per trade.
Trades may only be taken from 8am to 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 1.4445.
* 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 1.4650.
* 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.
Short Trade 2
* Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.4694.
* 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 3
* Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.4799.
* 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
Yesterday we saw a big change in the market with a strong move against the U.S. dollar. Although this pair is in a strong and long-term downwards trend, the past couple of weeks have seen the price move up in a very impulsive way. There is more key data due over the rest of this week for both sides of this pair which could create further strong moves in any direction and along with EUR/USD, this pair is one of the key movers in the Forex market at the moment.
Concerning the GBP, the Bank of England will be releasing its Monetary Policy Summary, Inflation Report, Official Rate and Votes data at Noon London time and the Governor will speak 45 minutes later. Regarding the USD, there will be a release of Unemployment Claims data at 1:30pm.