GBP/USD Signals Update
Last Thursday’s signals were not triggered as there was no bullish price action at 1.3165.
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 1.2940.
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 Trade 1
Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.3181.
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
After last Friday’s very strong fall, we have had a bullish pull back since this week opened in Tokyo. It is unclear how far this will go as there is quite a lot of space above where it is hard to predict any levels, at least until 1.3181, but there are other areas before that which may well prove to be very resistant, such as 1.3050 and 1.3140.
Overall, both the short and long-term trends are very bearish, so short trades are much more likely to be a better bet over the near term.
There is nothing due today concerning either the GBP or the USD.