GBP/USD Signals Update
Yesterday’s signals expired without being triggered.
Today’s GBP/USD Signals
Risk 0.75% per trade.
Trades must be entered before 5pm London time.
Long Trade 1
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.5164.
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 1.5240 and leave the remainder of the position to ride.
Short Trade 1
Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.5402.
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 1.5300 and leave the remainder of the position to ride.
GBP/USD Analysis
I had thought this pair was due a consolidation period yesterday, but instead it was dragged upwards by the strong advance in the EUR and the general weakening in the USD. It has now reached close to the anticipated resistance level of 1.5402, so it may now fall, but if it does get back up there it could still be a good area for a short trade.
Regarding the GBP, there will be a release of Services PMI data at 9:30am London time. Concerning the USD, there will be a release of ADP Non-Farm Employment Change data at 1:15pm followed by Trade Balance numbers at 1:30pm. Then at 3pm there will be a release of ISM Non-Manufacturing PMI data.