GBP/USD Signals Update
Yesterday’s signals were not triggered and expired.
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 entry into the zone between 1.4041 and 1.4062.
* 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.
Long Trade 1
* Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.3841.
* 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.
GBP/USD Analysis
It looks as if this pair was about to start falling again after reaching some minor resistance just below 1.3920 and then turning down and making a new low. However the break of 1.3840 was a false break that turned around fairly quickly and made some new highs, breaking the prevailing bearish stair step pattern. The price spiked up to reach a high at 1.3980 just before the London open this morning, but has fallen off since that time. The market will probably be quiet until we get the GBP data shortly. A break below 1.3920 would indicated a probable retest of 1.3840 is on the way.
Concerning the USD, there will be a release of ISM Manufacturing PMI data at 3pm London time. Regarding the GBP, there will be a release of Manufacturing PMI data at 9:30am.