Last Thursday’s signals were not triggered as none of the key levels were reached during that session
Today’s GBP/USD Signals
Risk 0.75% per trade.
Trades may only be entered between 8am and 5pm London time today.
Long Trades
Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.2436 or 1.2508.
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 bullish: firmly within the bullish channel shown in the chart below and continuing to make new highs against a weak U.S. Dollar. The price is now approaching a key long-term bearish trend line currently sitting at about 1.2550 which may provide some resistance, but there is no horizontal level likely to stop the advance before 1.2610.
It should be noted that the EUR/USD pair is moving in a very similar pattern to this pair, but is more strongly bullish.
There is nothing due today concerning either the GBP or the USD.