GBP/USD Signals Update
Yesterday’s signals produced a profitable short trade following the bearish rejection of 1.4306. The 25 pip target for protecting the trade was hit a short while ago.
Today’s GBP/USD Signals
Risk 0.75% per trade.
Trades may only be entered from 8am until 5pm London time today.
Long Trade 1
Long entry 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.
Place the stop loss 1 pip below the local swing low.
Adjust 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.
Short Trade 1
Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.4306.
Place 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.
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
As I had anticipated, the pair continues to range, with both currencies suffering from weakness at the moment. The price is currently held between 1.4306 and 1.4193. There is high-impact news due for both currencies today so that might push the price beyond one of these levels although they are more likely to hold until tomorrow’s FOMC release. The support at 1.4193 looks more attractive than the resistance at 1.4306 which we hit yesterday.
Concerning the GBP, there will be a release of Services PMI data at 9:30am London time. Regarding the USD, there will be a release of ISM Non-Manufacturing PMI data at 3pm.