GBP/USD Signals Update
Yesterday’s signals were not triggered.
Today’s GBP/USD Signals
Risk 0.75% per trade.
Trades may only be entered between 8am 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 1.4306.
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 1.4545.
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.
GBP/USD Analysis
As at the time of writing, the price action suggests that the support level I have been identifying at 1.4306 is going to be reached at some point over the next few hours. Watch for a bullish bounce here that might spark a fresh upwards move, possibly all the way up to 1.4545 where there is a resistant level.
If the price cuts through that support cleanly, it is likely to continue falling to 1.4200.
There is data due for both sides of this pair so it should be an active trading day. The price is generally ranging, so there is good reason to be comfortable with both long and short trades.
Concerning the GBP, the Governor of the Bank of England will be speaking at 10am London time, followed by the release of Current Account data at 11:30am. Regarding the USD, there will be a release of Unemployment Claims at 3:30pm London time.