GBP/USD Signals Update
Last Thursday’s signals were not triggered as none of the key levels were reached during that session.
Today’s GBP/USD Signals
Risk 0.75% per trade.
Trades must be taken before 5pm London time today only.
Long Trades
Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.2940, 1.2879 or 1.2850.
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 1.3000.
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
I was correct in expecting a bullish session last Thursday, with the price rising that day. However, Friday saw a sell-off the pushed the price down to the support level of 1.2940 where it found support.
So far, today is looking more likely to be an up day than a down day, but there is the resistance level of 1.3000 not far above that would have to be overcome. It would be a logical place at which to look for a bearish reversal and short trade.
There is nothing due today concerning either the GBP or the USD.