GBP/USD Signals Update
Yesterday’s signals were not triggered, as there was no bearish price action at 1.4546.
Today’s GBP/USD Signals
Risk 0.75% per trade.
Trades must be taken between 8am and 5pm London time today only.
Protect any open trades by 6:30pm.
Long Trades
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.4546 or 1.4462.
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 Trades
Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.4650, 1.4694 or 1.4798.
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
The price continued its recent strong upwards movement yesterday, probably mainly due to polls showing that U.K. seems increasingly likely to vote to remain within the European Union. The key resistance level of 1.4546 broke quickly and then immediately flipped to become a floor for the price. We can expect that it will probably be supportive when next reached, and there are signs that the price will get there quite soon.
The FOMC release is due later, so it is probable that today’s London session will be relatively quiet, at least after the U.K. data release is fully digested.
Concerning the GBP, there will be a release of Preliminary GDP data at 9:30am London time. Regarding the USD, there will be a release of Crude Oil Inventories at 3:30pm, followed later by the FOMC Statement and Federal Funds Rate at 7pm.