GBP/USD Signals Update
Yesterday’s signals were not triggered as the bearish price action took place above 1.4225.
Today’s GBP/USD Signals
Risk 0.75% per trade.
Trades must be taken before 5pm London time today only.
Long Trade 1
Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.4175.
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.
Short Trade 1
Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.4311.
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.
GBP/USD Analysis
Yesterday we broke up quite strongly through what looked to be a resistant zone starting at 1.4225. Although we are falling off quite cleanly from the highs, the move has revealed what looks to be support at 1.4175 and this could provide the low for today. It looks as if 1.4311 could be good resistance.
This pair still holds a long-term bearish bias with the market fearing a British exit from the European Union in June, but we have been whipsawing for a few weeks now so moves either up or down are becoming increasingly equally tradable.
There is nothing due today concerning the GBP. Regarding the USD, there will be a release of CB Consumer Confidence data at 2pm London time, and the Chair of the Fed will be speaking at an event at 3:30pm.