GBP/USD Signals Update
Yesterday’s signals expired without being 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 continues to settle down into a more normal volatility range between about 1.3200 and 1.3400. We have seen support continue at around 1.3200 and the price just could not sink below there. Yesterday just before the London close the price spiked up above the round number at 1.3300 but fell off quickly and this continued during the Asian session. However the fall is not very dramatic.
The price might continue downwards, in line with the long-term trend, but if 1.3200 continues to hold as a floor that will suggest the pair is in for another move up to 1.3400 and beyond.
Concerning the GBP, there will be a release of Services PMI data at 9:30am London time, followed by a Press Conference from the Governor of the Bank of England at 11am. There is nothing due regarding the USD.