GBP/USD Signals Update
Last Thursday’s signals were not triggered as there was no bearish price action at 1.3162.
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 1.3256 or 1.3162.
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 Trades
Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.3345, 1.3371 or 1.3479.
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
Sentiment has been bullish on the pound over the past week and this has driven the price closer to the upper edge of the range it has had since the Brexit vote back in June. However, we are now reaching a key resistance area that starts at about 1.3345 and we might actually have already turned after reaching it last Friday. There is key news due during the London session for the GDP and this will dominate the price direction for today.
Concerning the GBP, there will be a release of Services PMI data at 9:30am London time. There is nothing due today regarding the USD, as it is a public holiday in the U.S.A.