GBP/USD Signals Update
Yesterday’s signals were not triggered.
Today’s GBP/USD Signals
Risk 0.75% per trade.
Trades must be taken between 8am and 5pm London time today only. Profits should be protected by 10pm.
Long Trades
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.4608.
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
No short trades today.
GBP/USD Analysis
The Referendum vote finally arrives today, with the final opinion polls showing a late swing to Remain and with Remain narrowly in the lead. Bookmaker’s odds however show an implied probability of a Remain vote at 77%.
The market increasingly expects a Remain vote and this has driven the GBP up for another day. The price is now above the long-term resistant trend line and consolidating under 1.4850.
Unless there are any unusual signs from turnout, until 10pm the pair should continue to advance or perhaps just consolidate under 1.4850.
As results begin to become clear, if they are as expected, the pair could advance dramatically as high as 1.6000.
In the event of results suggesting a Leave victory, the pair could drop as low as 1.2500.
Concerning the GBP, the British Referendum on European Union membership is being held today, with polls closing at 10pm London time. Regarding the USD, there will be a release of Unemployment Claims data at 1:30pm.