GBP/USD Signals Update
Last Thursday’s signals were not triggered as the bearish price action took place above 1.4149.
Today’s GBP/USD Signals
Risk 0.75% per trade.
Trades must be entered before 5pm London time today.
Short Trade 1
* Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.4250.
* 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 1.4106.
* 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 continued moving up very strongly at the end of last week before finally falling on Friday from a point very close to 1.4250. This can be expected to be strong resistance, as it is the confluence of a major flipped level, psychological level, and long-term bearish trend line. The market is quiet now and has been falling slowly. There may end up being a stronger fall from here but another move up to the 1.4250 area and a failure would be a very attractive signal to go short.
There is nothing due today concerning either the GBP or the USD.