Yesterday’s signals were not triggered, as none of the key levels were reached during the specified period.
Today’s GBP/USD Signals
Risk 0.75% per trade.
Trades may only be entered before 5pm London time today.
Long Trade
Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.3381.
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.
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 risen quite strongly as a soft Brexit deal looks more likely. It is in a long-term bullish trend too.
The price rose healthily yesterday, following the previous day’s strongly bullish turnaround, printing new higher support levels as it made its way up the chart. The price broke both sides of the channel which had held the price for several days, and significantly broke up above the former resistance level at 1.3459. There are now no key resistance levels before 1.3800, so the price seems to have a clearly upwards line of least resistance. All these factors point to more upwards movement.
At the time of writing, the short-term price action looks a little bearish, suggesting at least a pull back as far as the 1.3430 area.
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.