GBP/USD Signal Update
Last Thursday’s signals were not triggered as none of the key levels were reached during that day’s London session.
Today’s GBP/USD Signals
Risk 0.75% per trade.
Trades must be made before 5pm London time today only.
Long Trade 1
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.2450.
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 1.2546.
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
This pair continues to stand out as having one of the biggest resistances to the recent USD strength, although it did fall yesterday. However, it looks as if the support level at 1.2450 is quite likely to hold which would signify the path of least resistance is upwards. The key levels are unusually clearly defined to could provide some good trading opportunities.
It is hard to understand why the British Pound is so strong, although it might be the lingering effect of the Brexit court ruling holding that Parliament must vote on a Brexit deal
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Regarding the GBP, there will be a release of CPI data at 9:30am London time. Concerning the USD, there will be a release of Retail Sales data at 1:30pm.