GBP/USD Signals Update
Yesterday’s signals triggered a short trade off the bearish inside candle rejection of 1.4648 shortly after the London Open, which was a losing trade.
Today’s GBP/USD Signals
Risk 0.75% per trade.
Trades must be taken between 8am and 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 1.4608 or 1.4221.
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
Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.4799, 1.4850 or 1.4950.
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
Yesterday saw this pair’s strongest 1-day upwards move since 2008. The British Pound is being boosted by an increasing sentiment that Thursday’s referendum on British membership of the E.U. will secure a vote to Remain. Although opinion polls are still quite close, betting markets are suggesting the probability of a Remain victory is more than 75%. As long as this remains the case, the pair should continue upwards, but a volatile shock in any direction cannot be ruled out meanwhile.
A new flipped support level has been printed at 1.4608
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Concerning the GBP, there will be a release of Public Sector Net Borrowing data at 9:30am London time. Regarding the USD, the Chair of the Federal Reserve will be testifying before Congress at 3pm, followed later by FOMC Member Powell speaking at 7:30pm.