GBP/USD Signal Update
Yesterday’s signals were not triggered as the price did not reach the key resistance level of 1.2700 until after the London 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 1.2620.
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 1.2788.
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
The British Pound was bullish yesterday, standing out amongst most other currencies over a quiet day. It is bullish again in the early part of this London session as at the time of writing, and it looks significant that the price is again breaking up past the resistance at 1.2700. Recently, when the USD is weak, this pair is often the best riser. If the price can remain above 1.2700, it could start to look more decisively bullish.
In any case, the support at 1.2620 looks like a very attractive level, if the price should return there.
Concerning the GBP, there will be a release of CPI data at 9:30am London time. There is nothing due today regarding the USD.