GBP/USD Signals Update
Last Thursday’s signals were not triggered.
Today’s GBP/USD Signals
Risk 0.75% per trade.
Trades must be taken between 8am and 5pm London time today only.
Long Trade 1
Go long following a bullish price action reversal on the H1 time frame immediately upon the next entry into the zone between 1.4193 and 1.4171.
Put the stop loss 1 pip below the local swing low.
Move 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.
Short Trade 1
Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.4306.
Put 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.
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
Both sides of this pair are weak. While there is still technically a multi-month bearish trend in force, there has been a lot of consolidation lately, so the price could really go anywhere. There is plenty of volatility. There will probably be both long and short trading opportunities in this pair during the near future.
Concerning the GBP, there will be a release of Construction PMI data at 9:30am London time. Regarding the USD, there is nothing due today.