GBP/USD Signals Update
Yesterday’s signal was not triggered.
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 1.3546.
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
This pair continued to rise quite strongly yesterday as the Pound recovered from its initial post-Brexit crash. Once the price got close to the highs of this week and reached the key psychological level at 1.3500, it turned around again, and has been falling since London closed yesterday. I saw resistance at 41, the high was actually 33.
It would not be surprising if we are now going to get another downwards move, but there is no indication it will be anything very dramatic. There are no obvious support levels but a floor at 1.3200 or even 1.3250 would not be surprising.
Concerning the GBP, there will be a release of Current Account data at 9:30am London time. Regarding the USD, there will be a release of Unemployment Claims data at 1:30pm. FOMC Member Bullard will be speaking at 6:30pm.