GBP/USD Signals Update
Yesterday’s signals were not triggered as there was no bullish price action at 1.3227.
Today’s GBP/USD Signals
Risk 0.75% per trade.
Trades must be taken between 8am and 5pm London time today only.
Long Trades
No long trades.
Short Trade 1
Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.3541.
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
The Pound fell heavily yesterday, by more than 3% at one stage, as it became clear that nobody really knew how Brexit was going to be implemented. Britain has gone into political meltdown and there are beginning to be muted calls heard for a negotiated settlement where Britain leaves the E.U. in name only, although it is doubtful whether the other member states would be amendable.
The Pound recovered somewhat during the Asian session, but at the time of writing it is falling again. If yesterday’s low is not exceeded today, that may signal the currency is beginning to stabilise, but there is plenty of political uncertainty for Bears to feed off.
These lows are so long-term that it is impossible to identify where support might kick in, except perhaps key psychological numbers, the nearest of which is 1.3000.
There is nothing due concerning the GBP. Regarding the USD, there will be a release of Final GDP data at 1:30pm London time, followed later by CB Consumer Confidence at 3pm.