GBP/USD Signals Update
Yesterday’s signals expired without being triggered as there was no bearish price action at 1.4250.
Today’s GBP/USD Signals
Risk 0.75% per trade.
Trades may only be taken from 8am to 5pm London time today.
Short Trade 1
* Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.4400.
* 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.
Long Trade 1
* Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of the broken bearish trend line currently sitting at about 1.4220.
* 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.
Long Trade 1
* Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.4106.
* 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.
GBP/USD Analysis
The strong, counter-trend bullish move has continued, and the price has become established above the long-term bearish trend line and also a key horizontal resistance level at 1.4250. It is starting to look as if we may have flipped resistance to support centring upon 1.4237, and the broken trend line itself may act as support. However if the price breaks back below these possibly supportive places, that would be a sign that the bullish move is likely to be coming to an end. If the price does hold up and breaks up above 1.4300, it would then look as if the next move up would be to fill the weekend gap of a few weeks ago between 1.4300 and the next key resistance at 1.4400.
There is nothing due today concerning the USD. Regarding the GBP, the Governor of the Bank of England will be testifying at 9:15am London time.