By: DailyForex.com
GBP/USD Signal Update
Yesterday’s signals were not triggered as there was no bullish price action at 1.2443.
Today’s GBP/USD Signals
Risk 0.75% per trade.
Trades must be taken 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 1.2355.
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 1.2532.
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
I wrote yesterday that this pair was in a choppy and ranging pattern, and there is no change at all to this picture. In fact, a support level in the middle has been taken out by choppy action, leaving a range between the two levels identified above, so the picture is even more true today.
There are likely to be better opportunities in other pairs today, although there is major news due for both currencies which might cause interesting developments for traders to take advantage of
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Regarding the GBP, there will be a release of Retail Sales data at 9:30am London time. Concerning the USD, there will be a release of Building Permits, CPI, Unemployment Claims and Philly Fed Manufacturing Index data at 1:30pm, followed by the Chair of the Federal Reserve testifying before Congress about the economic outlook later at 3pm.