GBP/USD Signals Update
Yesterday’s signals triggered a short trade following the bearish pin bar rejection of 1.4285, this was good for a total of approximately 68 pips maximum profit.
Today’s GBP/USD Signals
Risk 0.75% per trade.
Trades must be taken between 8am and 5pm London time today only.
Long Trades
Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.4057 or 1.4017.
Put 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.
Remove 50% of the position as profit when the price reaches 25 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 1.4285 or 1.4353.
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 run.
GBP/USD Analysis
There is little change over the past 24 hours, although the nearest key resistance level did hold, trading was quite thin and erratic.
Until the British referendum on 23rd June, the GBP is going to wild and dangerous to trade in general.
New polls released yesterday show the “Leave” vote pulling into the lead, raising the spectre of British exit from the E.U. which generally spooks the financial markets. This gives this pair a bearish bias.Concerning the GBP, there will be a release of CPI data at 9:30am London time. Regarding the USD, there will be a release of Retail Sales data at 1:30pm.
