GBP/USD Signals Update
Last Thursday’s signals were not triggered as the price never reached any of the key levels.
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 1.2879 or 1.2850.
* 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 touch of 1.3023 or 1.3101.
* 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 strong downwards trend in this pair continues, providing trading opportunities. The move is capped by a long-term descending trend line marked in the chart below.
It is notable that the strong upwards spike last Friday was completely reversed by the close of the day. This suggests that we have a new level flipped from resistance to support at 1.3023.
We are now not far from the 31 year lows made a few weeks ago and some probable support levels. This area should be watched closely as it is possible that long-term buyers could step in.
However, the best odds here are definitely in shorting the rallies.
There is nothing of high importance due today concerning either the GBP or the USD.