GBP/USD Signal Update
Yesterday’s signals were not triggered as none of the key levels were reached during the London session.
Today’s GBP/USD Signals
Risk 0.75% per trade.
Trades may only be entered between 8am and 5pm London time today.
Long Trade 1
Long entry following a very convincing bullish price action reversal on the H1 time frame immediately upon the next touch of 1.2300.
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
Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.2400.
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 had expected that the price would consolidate more yesterday, but in fact it continued to fall, which isn’t a surprise as this pair is in a long-term downwards trend and it pays to keep a bearish bias here for the time being.
The downwards trend over the short-term seems quite strong and steady, with little else to look to except round numbers and the overall trend.
I would be extremely careful taking any long trades as it looks as if better money will be made on the short side.
There is nothing due today regarding either the GBP or the USD.