GBP/USD Signals Update
Last Thursday’s signals were not triggered as there was no bearish price action at 1.4400.
Today’s GBP/USD Signals
Risk 0.75% per trade.
Trades must be entered before 5pm London time today only.
Short Trade 1
* Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.4545.
* Put the stop loss 1 pip above the local swing high.
* Move the stop loss to break even once the trade is 25 pips in profit.
* Take off 50% of the position as profit when the price reaches 25 pips in profit and leave the remainder of the position to ride.
Long Trade 1
* Go long following a bullish price action reversal on the H1 time frame immediately upon the next entry into the zone between 1.4311 and 1.4272.
* Put the stop loss 1 pip below the local swing low.
* Move the stop loss to break even once the trade is 25 pips in profit.
* Take off 50% of the position as profit when the price reaches 25 pips in profit and leave the remainder of the position to ride.
GBP/USD Analysis
Last week looked bullish and so although there is a long-term downwards trend that is arguably still in force, it has been difficult lately to be long of the USD against anything else, especially a risk asset such as the GBP.
However this pair can turn very quickly and easily so there are probably going to be good trades to be had in either direction within the near future.
There is minor support close to the nearest round number below of 1.4400 but there should be a fresher and more strongly supportive zone below that centred around 1.4300.
There is nothing due today concerning either the GBP or the USD.