GBP/USD Signals Update
Yesterday’s signals were not triggered as the eventual bearish price action took place a little above 1.3277.
Today’s GBP/USD Signals
Risk 0.75% per trade.
Trades must be taken between 8am and 5pm London time today only.
Long Trades
Go long 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 1.3185.
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.
Short Trade 1
Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.3277.
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
The price remains sandwiched for a second day between a trend line which, it has to be said, is short-term and so somewhat doubtful, and 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.
However the lines on both sides have become more established as they have held. Make sure the candlesticks rejecting either line are very strong and definite before entering any trades.
Concerning the GBP, there will be a release of CPI data at 9:30am London time. Regarding the USD, there will be a release of Building Permits data at 1:30pm.