GBP/USD Signals Update
Yesterday’s signals were not triggered as the price did not reach 1.4300 during the London session.
Today’s GBP/USD Signals
Risk 0.75% per trade.
Trades may only be entered before 5pm London time today.
Short Trade 1
Short entry following a bearish price action reversal on the H1 time frame immediately after London opens rejecting the zone between 1.4331 and 1.4322.
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.
Take off 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
This pair has risen quite strongly, and now at the time of writing has not only broken up above resistance at 1.4300 and also a medium-term bearish trend line, it is also testing a resistant zone between 1.4331 and 1.4322. If the price cannot break above this level and is moving decisively below it one hour after London opens, a short trade becomes possible, but it might be that the broken trend line could now act as support.
Unfortunately there are not really any other good levels anywhere nearby at which to seek trade entries to trading this pair is probably going to be challenging today.
Concerning the USD, there will be a release of Building Permits data at 1:30pm London time. Regarding the GBP, the Governor of the Bank of England will be speaking at 3:35pm.