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 from 8am to 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 1.4400.
* 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 1.4250.
* 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.
Long Trade 2
* Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of the broken bearish trend line currently sitting at around 1.4186.
* 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
The USD recovered somewhat yesterday and this pair was no exception. The price is now close to the next area of potential support so there could be a bullish reversal here, especially if the U.S. data due later is more negative than expected.
There is nothing due today concerning the GBP. Regarding the USD, there will be a release of Retail Sales and PPI data at 12:30pm London time.