GBP/USD Signals Update
Yesterday’s signals were not triggered as there was no bullish price action at 1.2940.
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 1.2950, 1.2879 or 1.2850.
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 Trade 1
Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.3090.
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
I wrote yesterday that it was looking more likely to be an up day than a down day, and this is what happened, although the resistance at 1.3000 was not overcome.
Today the picture again suggests bullishness, with a Quasimodo/over and under bullish pattern basing its final leg off a new support level at 1.2950. However, the price needs to break above 1.3000 to make this happen and as always the time to watch is where the price is at 9am London time.
Further up, there is a bearish trend line, but I would prefer to wait for 1.3090 to look for a shorting opportunity.
There is nothing due regarding the GBP. Concerning the USD, there will be a release of CB Consumer Confidence data at 3pm London time.