GBP/USD Signals Update
Yesterday’s signals were not triggered as there was no bullish price action at 1.4311.
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 entry into the zone between 1.4225 and 1.4311.
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 touch of 1.4052.
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
This pair fell strongly yesterday as the USD continued to strengthen, but it was primarily a case of bearishness over the GBP, partly due to disappointing CPI data. There was a supportive zone above the current price that looks to have been clearly flipped to become resistance and the short-term trend is now aligned with the long-term trend in a bearish direction.
There is nothing due today concerning the GBP. Regarding the USD, there will be a release of Crude Oil Inventories data at 2:30pm London time.