GBP/USD Signals Update
Last Thursday’s signals were not triggered as unfortunately the high was made just 3 pips short of the identified resistance level at 1.3050.
Today’s GBP/USD Signals
Risk 0.75% per trade.
Trades may only be entered before 5pm London time today.
Long Trades
No long trades.
Short Trades
Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.3000, 1.3050 and 1.3159.
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
For several days now we are seeing a squeeze between some buying below 1.2900 and an area of resistance from about 1.3000 to 1.3050. This big round number of course is psychologically important.
The Pound must still be seen as weak and shaky and the pair is definitely in a long-term bearish trend. However a deeper bullish pullback may be on the cards with at least a quick break up above 1.3050, possibly to the next resistance level above 1.3100, which would be a tempting area at which to go short.
You would have to be very brave and/or very long-term to buy this pair for more than a few quick pips.
There is nothing due today concerning either the GBP or the USD.