GBP/USD Signal Update
Last Thursday’s signals were not triggered as there was no bearish price action when the price reached 1.2400.
Today’s GBP/USD Signals
Risk 0.75% per trade.
Trades must be taken before 5pm London time today only.
Long Trades
Go long following a convincing bullish price action reversal on the H1 time frame immediately upon the next touch of 1.2280 or 1.2400.
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 1.2499.
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
After several consecutive days of strongly bullish moves, this pair has opened with a gap down and looking weak, although the key support at the trend line and the level at about 1.2400 have not broken down yet. The U.S. Dollar and stocks are both up and in the absence of any other news this is probably being driven by the fact that Clinton is maintaining a small but meaningful lead in the opinion polls of the American presidential election, in addition to the FBI announcing an effective end to their latest probe of that candidate.
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There is nothing due today regarding either the GBP or the USD.