GBP/USD Signals Update
Last Thursday’s signals were not triggered.
Today’s GBP/USD Signals
Risk 0.75% per trade.
Trades must be taken between 8am and 5pm London time today only.
Long Trade 1
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.4057.
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.
Remove 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 1.4300.
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.
Remove 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 is at the moment trading in a kind of no-man’s land, and there is a wide range where there are no obvious levels that look clearly as if they are going to hold. It is very unlikely that we will hit either of the nearest levels. Should the price rise, it is relatively safe to guess that there may be minor resistance at 1.4200 and especially 1.4250 before the key level at the confluence of the bearish trend line and the round number at 1.4300.
There is nothing due today regarding either the GBP or the USD.