GBP/USD Signal Update
Yesterday’s signals were not triggered as the price never quite reached the key support level at 1.2355.
Today’s GBP/USD Signals
Risk 0.75% per trade.
Trades may only be taken between 8am and 5pm London time today.
Long Trades
Long entry following a convincing bullish price action reversal on the H1 time frame immediately upon the next touch of 1.2355 or 1.2280.
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 1.2557.
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
This pair stands out as having been by far the least volatile of all important Forex instruments over the market turmoil of the past few days. It is unclear what this means, but it may suggest that the British Pound has some new strength in it ever since the recent British court ruling that the Parliament must have a say on Brexit, which could soften the terms of the divorce or even possibly halt it entirely. There is no question that the prospect of Britain leaving the European Union weakens that Pound.
It looks as if the next movement over the short term will be a rise to the area of the double top at around 1.2557, if the support at 1.2355 holds.
There is nothing due today regarding the GBP. Concerning the USD, there will be a release of Unemployment Claims data at 1:30pm London time.