GBP/USD Signal Update
Yesterday’s signals were not triggered as none of the key levels were ever reached.
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 convincing bullish price action reversal on the H1 time frame immediately upon the next touch of 1.2148 or 1.2104.
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 1.2308.
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
The consolidation between 1.2300 and 1.2100 continues for yet another day, and has now been ongoing for about 15 days. I wrote yesterday that a move up was more likely over the short term and this is what happened yesterday.
Due to the choppy nature of the action and bigger picture, today is hard to predict, but the price has reached an area of some resistance close to 1.2250, so a downwards movement would seem slightly more probable.
Today’s best opportunities in the Forex market are probably going to be elsewhere.
Regarding the GBP, there will be a release of Manufacturing PMI data at 9:30am London time. Concerning the USD, there will be a release ISM Manufacturing PMI data at 2pm.