Yesterday’s signals were not triggered as the bullish price action at 1.2930 occurred after 5pm London time.
Today’s GBP/USD Signals
Risk 0.75% per trade.
Trades must be taken before 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 1.2930 or 1.2900.
- 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 1.3000.
- 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
We saw a continued pull back in this pair yesterday, mainly due to a small but definite bid for the U.S. Dollar. The nearest support level gently held, so overall nothing dramatic or significant has happened. The long-term bullish trend looks healthy and prices still seem set to rise and test the recent highs. A consolidation close to 1.2930 or 1.2900 below that followed by a bullish breakout close to the London Open would be the most attractive scenario today for long traders.
There is nothing due today concerning either the GBP or the USD.