Yesterday’s signals were not triggered, as none of the specified price levels were reached during the time.
Today’s GBP/USD Signals
Risk 0.75% per trade.
Trades must be taken before 5pm London time today.
Short Trade
Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.4168.
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.
Long Trade
Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.4043.
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.
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
I had a bullish bias again yesterday, and this worked out very well, with the dovish FOMC release pushing the Dollar down, and a strong Pound was in the best position to benefit from this. This rise is strong, and at the time of writing the price is even threatening to break above the resistance level at 1.4168, making new multi-months highs. There is every reason to remain bullish on this pair, there are bullish trends on every time frame, and it is at the heart of the Forex market right now with relatively high volatility, so it can be the most interesting currency pair to trade.
Concerning the GBP, there will be a release of Retail Sales data at 9:30am London time, followed at noon by the Bank of England’s Monetary Policy Summary, Official Bank Rate, and the Rate Votes. There is nothing due regarding the USD.