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 must be entered before 5pm London time today only.
Long Trades
* Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.2772 or 1.2739.
* 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 Trades
* Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.2850 or 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 has remained within the area defined by 1.2850 and 1.2772. The bullish breakout of last Tuesday remains significant, making a further upwards movement probable. The pair is in a clear long-term bullish trend, but is looking increasingly likely that it will need to dip below 1.2772 before regaining enough steam to make a successful attempt at breaking above the key resistance at 1.2850.
There is nothing due today concerning either the GBP or the USD.