GBP/USD Signal Update
Yesterday’s signals were not triggered as there was no bullish price action at 1.2450.
Today’s GBP/USD Signals
Risk 0.75% per trade.
Trades must be taken between 8am and 5pm London time today only.
Long Trades
* Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.2364 or 1.2280.
* 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 Trades
* Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.2427 or 1.2532.
* 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
A quick look at the chart below shows the action is somewhat confused. The price has been ranging for quite a long time. The most interesting feature that looks like becoming relevant is the broken trend line above not far beyond the flipped support to resistance level at 1.2427. As there is no GBP data due today, the action is likely to be driven by the USD. There is also probable support close below at 1.2364.
There is nothing due today regarding the GBP. Concerning the USD, there will be a release of Preliminary GDP data at 1:30pm London time, followed later by CB Consumer Confidence at 3pm.