GBP/USD Signals Update
Yesterday’s signals produced a profitable trade following the bullish pin candle rejection of the support level at 1.4462.
Today’s GBP/USD Signals
Risk 0.75% per trade.
Trades may only be entered between 8am and 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 1.4462.
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 run.
Short Trades
Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.4694 or 1.4650.
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 run.
GBP/USD Analysis
Early in yesterday’s London session the price broke strongly below the support level at 1.4520, then found good support at 1.4462. The level at 1.4520 then flipped to resistance, but at the time of writing looks as if it going to be broken. This suggests that the path of least resistance is now upwards, and if the price clears the area up to 1.4550 it seems likely next to continue up to 1.4650 where the next key resistance sits.
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 Unemployment Claims data at 1:30pm London time.