GBP/USD Signals Update
Last Thursday’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 1.4581 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 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.
Short Trade 1
Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.4648.
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
The price has been selling off basically since last Thursday’s London session began, although the impulsive move that dominates is still bullish. However new resistance has been printed above at 1.4648. Broadly, a bullish bias should be maintained as long as the price stays above 1.4441 or thereabouts.
This pair relies heavily upon the London session for its trading volume, and with the U.K. on a public holiday today – as well as New York – trading is likely to be very quiet with better opportunities elsewhere.
There is nothing due today concerning either the GBP or the USD. It is a public holiday in both London and New York.