Today’s GBP/USD Signals
Risk 0.75% per trade.
Trades must be taken between 8am and 5pm London time today only.
Short Trades
Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.3070 or 1.3150.
Place 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.
Long Trades
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.2900.
Place 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
Mark Carney’s, governor of the Bank of England, announcement of extending his term to 2020 provided optimistic support to the British Pound. In addition, comments from UK Chancellor Phillip Hammond comments on possible Brexit agreement by next November pushed the pair to the resistance level at 1.3088, the pair's highest in five weeks, but selling pushed the pair back down to the support at 1.2964. The pair is moving now around 1.3000 with possible upside trend. The Pound is focusing more on Brixet developments than on British economic figures.
There is nothing important due today concerning the GBP. Regarding the USD, there will be the release of PPI data and crude oil inventories.