GBP/USD Signals Update
Yesterday’s signals were not triggered as there was no bullish price action at 1.3017.
Today’s GBP/USD Signals
Risk 0.75% per trade.
Trades must be entered 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 1.2879, 1.2850 or 1.2789.
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 1.3017 or 1.3101.
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 bearishness continues without respite. The price has now dropped below the anticipated support at 1.3017 and also the psychologically key 1.3000 level. There are no further key support levels remaining this side of 1.2900 so the downwards movement shows every sign of continuing.
There is nothing of high importance due today concerning the USD. Regarding the GBP, there will be a release of Manufacturing Production data at 9:30am London time.