GBP/USD Signals Update
Yesterday’s signals were not triggered as there was no bearish price action at 1.4311.
Today’s GBP/USD Signals
Risk 0.75% per trade.
Trades may only be entered between 8am and 5pm London time today.
Long Trade 1
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.4306.
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.
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.
GBP/USD Analysis
More bullishness as the market puts aside any possible exit from the European Union and focuses instead upon Janet Yellen’s dovish comments, sending the price higher. We are still below the levels of three months ago, but we are getting much closer to a medium-term trend change from bearish to neutral after another bullish day yesterday. Ranges are also expanding, suggesting there can be good trading opportunities in both long and short directions. We are some way from any key levels, so there might not be any good opportunities today.
The support at 1.4306 looks very attractive.
There is nothing due today concerning the GBP. Regarding the USD, there will be a release of the ADP Non-Farm Employment Change at 1:15pm London time, followed later by Crude Oil Inventories at 3:30pm.