GBP/USD Signals Update
Yesterday’s signals were not triggered as none of the key levels were reached.
Today’s GBP/USD Signals
Risk 0.75% per trade.
Trades may only be entered before 5pm London time today.
Long Trade 1
* Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.3082.
* 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 Trades
* Short entry following a bearish price action reversal on the H1 time frame immediately upon the next entry into the zone between 1.3250 and 1.3268.
* 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
It was another strongly bullish day yesterday, and although the USD has made something of a recovery over recent hours, the resistance level at 1.3172 has been flipped to support and is still holding. However, as we are so close to this price, I would not be looking for a long trade there just yet.
It seems that at the moment the GBP is strong and is the primary beneficiary whenever the USD is weak. Of course the long-term trend is bearish, but that does not seem to be counting for much at the moment.
The area at 1.3250 might provide stronger resistance as it’s a big number.
There is nothing due today concerning the GBP. Regarding the USD, there will be a release of Crude Oil Inventories data at 3:30pm London time.