Yesterday’s signals were not triggered as none of the key levels were ever reached.
Today’s GBP/USD Signals
Risk 0.75% per trade.
Trades may only be entered between 8am and 5pm London time today.
Long Trade 1
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.2416.
Place the stop loss 1 pip below the local swing low.
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 1.2610.
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.
The best method to identify a classic “price action reversal” is for an hourly candle to close, such as a pin bar, a doji, an outside or even just an engulfing candle with a higher close. You can exploit these levels or zones by watching the price action that occurs at the given levels.
GBP/USD Analysis
This pair is still right in the middle of its long-term range. The price looks set to stay consolidating around 1.2500. There is a slight bullish bias. There will probably be better opportunities elsewhere in the Forex market today, although there is plenty of news for both sides of this pair, so anything could happen.
Concerning the GBP, there will be a release of CPI data at 9:30am London time. Regarding the USD, there will be a release of PPI data at 1:30pm followed later by the Chair of the Federal Reserve testifying before Congress at 3pm.