GBP/USD Signals Update
Last Thursday’s signals were not triggered as none of the key levels given were reached that day.
Today’s GBP/USD Signals
Risk 0.75% per trade.
Trades must be taken before 5pm London time today only.
Long Trade 1
Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.3235.
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 1.3328 or 1.3375.
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
We are still within a long-term downwards trend, although the price has not made any new lows for several weeks and this trend may not last much longer. I think the area at around 1.3500 is going to be a very key determinant as to what will happen next over the longer-term.
The price is within a short-term bearish channel as shown in the chart below. There are some initial signs that we may get a bullish breakout from this channel, which would suggest a move up to at least the resistance at 1.3328.
There is no high-impact news due today concerning either the GBP or the USD.