GBP/USD Signals Update
Last Thursday’s signals were not triggered as there was no bearish price action at 1.4348.
Today’s GBP/USD Signals
Risk 0.75% per trade.
Trades must be taken between 8am and 5pm London time today only.
Long Trades
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.4241 and/or the trend line which currently sits just above that level.
Put the stop loss 1 pip below the local swing low.
Adjust the stop loss to break even once the trade is 20 pips in profit.
Remove 50% of the position as profit when the price reaches 20 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 1.4546.
Put 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 ride.
GBP/USD Analysis
We started this week with a slight gap up, which has been filled already, and as we approach the London open the price has begun rising after the fill. Unfortunately we are within a wide open zone that has been fairly choppy so there are not any clear levels between the trend line below and the horizontal level above. There may be support also at around 1.4360.
The long-term chart shows that this pair is really right in the middle of a long-term consolidation, albeit with perhaps a slight bullish bias, meaning trades in either direction can be equally valid. However there may be increasing bullishness due to the “remain” campaign beginning to take a stronger lead in polls of the forthcoming British referendum on EU membership.
There is nothing due today concerning either the GBP or the USD.