GBP/USD Signal Update
Yesterday’s signals were not triggered as none of the key levels were reached yet.
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 1.2595.
* 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 1.2789.
* 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 was looking bullish as the week began, and continued to creep upwards yesterday. Note in the chart below that the upwards move is slow and delicate and looks prone to break down rapidly. Despite that, it is still a bullish picture, although we have no obvious support levels before 1.2595. There may be some support at 1.2700.
There is nothing due today regarding either the GBP or the USD.