Today’s GBP/USD Signals
Risk 0.75% per trade.
Trades must be taken before 5pm London time today only.
Long Trades
Go long following a convincing bullish price action reversal on the H1 time frame immediately upon the next touch of 1.2148 or 1.2104.
Place 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
Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.2308.
Place 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
The consolidation between 1.2300 and 1.2100 continues and has now been ongoing for about 15 days. There are support levels which are closer than the key resistance so it is quite probable that the most important forthcoming move over the short term will be an upwards movement.
Now, the price is hardly moving, but there is some suggestion of a topping out at the round number of 1.2200.
There is nothing due today regarding either the GBP or the USD.