GBP/USD Signals Update
Yesterday’s signals were not triggered as there was no bearish price action at either 1.4580 or 1.4581.
Today’s GBP/USD Signals
Risk 0.75% per trade.
Trades may only be entered before 5pm London times today.
Long Trades
Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.4581 or 1.4548.
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 ride.
Short Trades
Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.4661 or 1.4799.
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 ride.
GBP/USD Analysis
Yesterday it was looking as if the price would go nowhere, but instead this pair moved up quite strongly, breaking up very smoothly past two resistance levels which now looked to have flipped to support. It looks as if the price is bullish and could remain high.
The British Pound has been one of the stronger global currencies over the past several weeks, and it could be argued that the more probable a British vote to remain within the European Union looks next month, the more that currency will continue to rise.
Regarding the USD, there will be a release of Crude Oil Inventories data at 3:30pm London time. There is nothing due concerning the GBP.