GBP/USD Signal Update
Last Thursday’s signals were not triggered as neither of the key levels were reached that day.
Today’s GBP/USD Signals
Risk 0.75% per trade.
Trades may only be entered between 8am and 5pm London time today.
Long Trades
Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.2280 or 1.2212.
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 Trades
Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.2382 or 1.2502.
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
It has been notable that during the recent firm strength of the U.S. Dollar, this pair has held up better than most others, although it fell more over recent days. Overall this suggests that the British Pound is beginning to find some strength, possibly as it has already fallen to a historically low level, possibly also due to the facts there are now some doubts over whether a “hard Brexit” will happen due to the decision of British courts.
There is no doubt that overall the picture is quite bearish, but price action looks very aimless away from the key levels, suggesting the market’s focus is elsewhere.
There is nothing due today concerning either the GBP or the USD.