GBP/USD Signals Update
Yesterday’s signals were not triggered as there was no bullish price action at either of the key support levels which were reached.
Today’s GBP/USD Signals
Risk 0.75% per trade.
Trades may only be entered between 8am and 5pm London time today.
Long Trade 1
* Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.3256.
* 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 Trades
* Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.3478 or 1.3534.
* 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 fell yesterday, not only because the USD recovered some ground but also because the Pound was weak after its recent bullish run.
There may be a loss of direction now but I don’t see any real strong bearish impulse, so the short-term trend can still be said to be bullish.
It looks as if it may be a quiet market at least until the New York open.
There is nothing due today concerning the GBP. Regarding USD, there will be a release of Unemployment Claims data at 1:30pm London time, followed by Crude Oil Inventories at 4pm.