Yesterday’s signals were not triggered as neither of the key levels have been reached yet.
Today’s GBP/USD Signals
Risk 0.75% per trade.
Trades must be taken before 5pm London time today only.
Long Trade 1
Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.2416.
Put the stop loss 1 pip below the local swing low.
Move the stop loss to break even once the trade is 25 pips in profit.
Take off 50% of the position as profit when the price reaches 25 pips in profit and leave the remainder of the position to ride.
Short Trade 1
Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.2610.
Put the stop loss 1 pip above the local swing high.
Move the stop loss to break even once the trade is 25 pips in profit.
Take off 50% of the position as profit when the price reaches 25 pips in profit and leave the remainder of the position to ride.
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 near the middle of both its long-term and short-term ranges. The price looks set to remain consolidating around 1.2500 unless it is pushed somewhere by the news releases. There is news due for both sides of this pair, so anything could happen.
Concerning the GBP, there will be a release of Average Earnings Index and Claimant Count Change data at 9:30am London time. Regarding the USD, there will be a release of CPI and Retail Sales data at 1:30pm followed later by the Chair of the Federal Reserve testifying before Congress at 3pm, and Crude Oil Inventories numbers half an hour afterwards.