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 Trades
Long entry 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.
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.
Take off 50% of the position as profit when the price reaches 20 pips in profit and leave the remainder of the position to run.
Short Trades
Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.4546 or 1.4650.
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.
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
We had a fairly meaningful upwards move during the first half of yesterday’s London session, but the price has stalled since then. Nevertheless we are now within reach of a key resistance level at 1.4546 that was previously very solid so we can expect that there might be a good opportunity to go short if the price can reach it.
There may be minor support at 1.4400 and 1.4360 below.
Regarding the USD, there will be a release of Core Durable Goods Orders data at 1:30pm London time, followed later by CB Consumer Confidence data at 3pm. There is nothing due concerning the GBP.