GBP/USD Signals Update
Yesterday’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 1.4608 or 1.4221.
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 Trades
Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.4799, 1.4850 or 1.4950.
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 Pound’s strong advance finally halted yesterday. While the polls are showing the race as too close to call, betting markets are still offering long odds on a Leave victory in the E.U. Membership referendum. Voting takes place tomorrow.
The chart below show that a long-term trend line provided the resistance yesterday just below the horizontal level of 1.4799, while the new resistance at 1.4608 is providing a floor.
It is quite probable that this pair will just consolidate today, barring any new polls being released showing a meaningful change in voting intentions.
There is nothing due concerning the GBP. Regarding the USD, the Chair of the Federal Reserve will be testifying before Congress at 3pm London time, followed later by the release of Crude Oil Inventories at 3:30pm.