GBP/USD Signals Update
Yesterday’s signals were not triggered as the bullish action took place below the support at 1.3162.
Today’s GBP/USD Signals
Risk 0.75% per trade.
Trades may only be entered between 8am and 5pm London time today.
Long Trades
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.3165 or 1.3031.
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 1.3285 or 1.3375.
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 price action over the Asian session and into the London open is suggestive of a downwards move to claw back what was made bullishly over yesterday’s small recovery.
However, there is very important Central Bank input for the GBP due later that could cause a lot of volatility.
There is still a long-term downwards trend, which would begin to be called into question upon a sustained break above the psychologically key number of 1.3500.
Concerning the GBP, there will be a release of the Bank of England’s Monetary Policy Summary, Official Bank Rate and Votes at Noon London time. Regarding the USD, there will be a release of Retail Sales, PPI and Philly Fed Manufacturing Index data at 1:30pm.