GBP/USD Signals Update
No signal was given yesterday.
Today’s GBP/USD Signals
Risk 0.75%
Entries may be taken only between 8am and 5pm London hours.
Short Trade
Short following bearish price action on the H1 time frame following a first touch of 1.6500.
Put a stop loss 1 pip above the local swing high.
Move the stop loss to break even when the trade is 50 pips in profit.
Remove 25% of the position as profit when the trade is 50 pips in profit and leave the remainder of the position to ride.
GBP/USD Analysis
I forecast yesterday that the upwards movement of this pair would continue yesterday and it did. It looks like the direction is still upwards due to GBP strength; it is the strongest of all the currencies right now. However the USD has been strong too so we have to be careful.
The action has not been very smooth and we are now getting within a reasonable distance of the key level of 1.6500 which is likely to act as resistance. It seems probable that we will continue to rise, but we should get some kind of reverse either close to or at that number if and when we reach it.
Although the short-term trend is upwards, I cannot see any good flipped resistance to support levels that look like tempting places to search for long entries.
There are no high-impact data releases scheduled for today that will directly affect the GBP. Regarding the USD, at 3pm London time there will be a release of U.S. New Home Sales data.