GBP/USD Signal Update
Yesterday’s signals were not triggered as none of the key levels were reached during yesterday’s session.
Today’s GBP/USD Signals
Risk 0.75% per trade.
Trades must be taken between 8am and 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 1.2429.
* 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 Trades
* Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.2532 or 1.2665.
* 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 is starting to look more bullish after making a double bottom at 1.2429, and is threatening to break up above a quite long-term resistance level at 1.2532. If the price can get established above there, it could rise all the way to the next level at 1.2665 quickly, especially if the USD has a sustained pull back after its strong recent rise.
The relative strength of the GBP against the USD has been impressive during recent times and is more evidence of strength in that currency.
Regarding the GBP, there will be a release of Manufacturing PMI data at 9:30am London time. Concerning the USD, there will be a release of Unemployment Claims data at 1:30pm, followed later by ISM Manufacturing PMI at 3pm.