GBP/USD Signal Update
Yesterday’s signal expired without being triggered.
Today’s GBP/USD Signal
Risk 0.75%.
Entry may only be made between 8am and 5pm London time today.
Long Trade 1
Long entry following bullish price action on the H1 time frame after the first touch of 1.7048.
Put a stop loss 1 pip below the local swing low.
Adjust the stop loss to break even when the price reaches 1.7090.
Remove 75% of the position as profit at 1.7090 and leave the remainder of the position to ride.
GBP/USD Analysis
As expected, we made a new high yesterday, but did not really get any kind of reasonable pull back that would have given a decent long entry. The short-term consolidation around the round number at 1.7100 may prove to be supportive if we pull back there, but I really prefer the level at 1.7048 as a zone at which to look for a long trade.
We have broken the upper channel trend line and it seems likely there will be no natural obstacles ahead of us before the key psychological number of 1.7250.
Although we have room to move up and made another 6 year high yesterday, we have highly important US data due tomorrow, it might well be a fairly quiet day today with little movement.
At 9:30am London time there will be a release of UK Construction PMI data that may affect the GBP. Later at 1:15pm there will be a release of the ADP Non-Farm Employment Change, which may affect the USD. Therefore the pair today should be at least somewhat active.