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 1.4545.
* 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 entry into the zone between 1.4311 and 1.4272.
* 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
This pair seems to be swinging fairly clearly but its ultimate direction over the longer-term might be hard to predict, as although it is in a long-term downwards trend, the chart shows that it has been pretty bullish over recent weeks. This suggests that there are likely to be good opportunities to trade off support and resistance levels in either direction.
We may already have made the low price of today, especially if the CPI data will not be worse than expected, in which case an up day would not be a surprise.
There is nothing due today concerning either the USD. Regarding the GBP, there will be a release of CPI data at 9:30am London time.