GBP/USD Signals Update
Last Thursday’s signals were not triggered as the bearish price action took place above the anticipated resistance at 1.3361.
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 1.3050 and 1.3000, or the supportive trend line currently sitting at about 1.3162.
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.
Short Trade 1
Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.3277.
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 price is becoming sandwiched between a trend line which, it has to be said, it short-term and doubtful, and new resistance at 1.3277 above.
I do not feel particularly confident in predicting price movements of this pair anywhere between 1.3050 and 1.3500, which is a wide area.
Often with this pair, it is watching the action and momentum of the candlesticks that becomes truly key to making good trading decisions and that should be especially true today.
There is nothing due today concerning either the GBP or the USD.