GBP/USD Signals Update
Yesterday’s signals were not really triggered as the bullish price action took place a little below 1.2994, but the support was very close to there.
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 1.2990 or 1.2950.
Put 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.
Put 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 was right yesterday that we would see a break up above the trend line and another bullish day, but it was late in happening and only came about after the price seriously threatened to move down.
The old bearish trend line can now be discarded. Instead, we have a small bullish channel that is containing the price for now, with indications set for further upwards movement.
If and when the price reaches 1.3090, that should be an interesting test.
There is nothing due today regarding the GBP. Concerning the USD, there will be a release of Final GDP and Unemployment Claims data at 1:30pm London time followed by words from the Chair of the Federal Reserve at 9pm.