Yesterday’s signals were not triggered as there was no bullish price action at 1.2916.
Today’s GBP/USD Signals
Risk 0.75% per trade.
Trades must be taken before 5pm London time today only.
Long Trade 1
- Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.2842.
- Put 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 1.3016.
- Put 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
The action in the Forex market has been centred on the USD, JPY and EUR. This pair is not in focus in the market now, its volatility is low, and there is little buying enthusiasm for the British Pound. This may change tomorrow with the release of important U.K. economic data due early in the London session, but for now it looks as if the price is going nowhere, just consolidating with low volatility right in the middle of a very wide area where there are no key support or resistance levels.
There is nothing due today concerning the GBP. Regarding the USD, there will be a release of Unemployment Claims data at 1:30pm London time.