GBP/USD Signals Update
Last Thursday’s signal was not triggered.
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 Trade 1
Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.3546.
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
This pair has not really done very much over the past few days, and may finally be settling down into a more normal volatility range between about 1.3200 and 1.3400. If so there are unlikely to be any good trading opportunities until we get some movements that are more dramatic.
There is a very interesting and uncertain political situation in the U.K. now, with no guarantee that Brexit will eventually be implemented in spite of its victory in the vote and that all the contenders for the post of next Prime Minister say that it will happen. It might be that this uncertainty will push the GBP around in some wild swings again: don’t be certain that the market has priced in Brexit
.
Concerning the GBP, there will be a release of Construction PMI data at 9:30am London time. There is nothing due regarding the USD, as it is a public holiday in the U.S.A.