GBP/USD Signals Update
Last Thursday’s signals gave a long trade entry off the bullish rejection of the support at 1.4462 which was good for at least 20 pips of profit.
Today’s GBP/USD Signals
Risk 0.75% per trade.
Trades must be taken before 5pm London time today only.
Long Trades
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of the supportive trend line currently sitting at around 1.4375, 1.4285, or 1.4241.
Put the stop loss 1 pip below the local swing low.
Adjust the stop loss to break even once the trade is 20 pips in profit.
Remove 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
Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.4462, 1.4520 or 1.4571.
Put 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.
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
This pair has turned very bearish over the past week, falling strongly from a key psychological number at 1.4750, and flipping previously supportive levels to become resistance. The British Pound is the weakest major currency against the U.S. Dollar over the long term. The price is now approaching a supportive trend line that was established some time ago, at which it may react, although 1.4285 looks as if it will probably be more reliable support. However the best trade setup that may occur looks like being a retrace to 1.4462 from which a short could be taken upon a bearish reversal back into line with the trend.
There are no high-impact events due today concerning either the GBP or the USD.