Last Thursday’s signals were not triggered, as unfortunately the support level at 1.3124 was missed by only a couple of pips.
Today’s GBP/USD Signals
Risk 0.75% per trade.
Trades must be entered between 8am and 5pm London time today only.
Long Trades
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.3125 or 1.3094.
Place 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
Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.3226 or 1.3344.
Place 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 remains at the heart of the market lately, at least as measured by volatility. Although the price has been generally falling over the past few days, producing lower lows and lower highs, we have seen a possible first significant higher low printed at the support level of 1.3094, and the price has risen quite strongly from there. The level to watch as the best indicator of a short to medium-term trend change from bearish to bullish looks like being 1.3226: if the price can get established above there, further upwards movement would be likely. If the price fails there, it will probably take another trip down to 1.3125.
is nothing significant due today concerning either the GBP or the USD.