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 before 5pm London time today.
Long Trade 1
Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.4284.
Place the stop loss 1 pip below the local swing low.
Move the stop loss to break even once the trade is 20 pips in profit.
Adjust 50% of the position as profit when the price reaches 20 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 1.4348.
Place 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.
Adjust 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 did not move by a great deal yesterday, but the movements that did take place have established a clearer technical picture, with 1.4348 looking like the obvious nearby resistance. Below, there is a confluence of a trend line which has acted as both support and resistance as well as a horizontal level at 1.4284, and this area seems promising as potential support.
The next obvious levels either above or below are both a long way away, and therefore extremely unlikely to be relevant today, even though there is plenty of high-impact news due later.
Regarding the GBP, there will be a release of Retail Sales data at 9:30am London time, followed by a speech from the Governor of the Bank of England at 3pm. Concerning the USD, there will be a release of Unemployment Claims and Philly Fed Manufacturing Index data at 1:30pm.