GBP/USD Signals Update
Yesterday’s signals expired without being triggered as although the price did reach 1.5720 during the London session, it did not print sufficiently bearish price action on the H1 chart to justify a short trade..
Today’s GBP/USD Signals
Risk 0.75%
Trades must be made before 5pm London time.
Short Trade 1
Go short following bearish price action on the H1 time frame immediately following the next touch of 1.5734.
Put the stop loss 1 pip above the local swing high.
Adjust the stop loss to break even once the trade is 20 pips in profit.
Remove 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to run.
Short Trade 2
Go short following bearish price action on the H1 time frame immediately following the next touch of 1.5789.
Put the stop loss 1 pip above the local swing high.
Adjust the stop loss to break even once the trade is 20 pips in profit.
Remove 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to run.
Long Trade 1
Go long following bullish price action on the H1 time frame immediately following the next touch of the bullish ascending trend line.
Put the stop loss 1 pip below the local swing low.
Adjust the stop loss to break even once the trade is 20 pips in profit.
Remove 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to ride.
Long Trade 2
Go long following bullish price action on the H1 time frame immediately following the next touch of 1.5591.
Put the stop loss 1 pip below the local swing low.
Adjust the stop loss to break even once the trade is 20 pips in profit.
Remove 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to ride.
GBP/USD Analysis
We saw continuing bullishness yesterday, although the price was not able to really get through the top of the range at around 1.5720. We see now a very slightly ascending triple top at around 1.5734, and an ascending bullish trend line below that is trying to push the pair upwards for a breakout. It looks likely that the next stop will be 1.5789.
There are high-impact data releases scheduled today that will directly affect both the GBP and the USD. Regarding the GBP, there will be a release of Second Estimate GDP data at 9:30am London time. Regarding the USD, at 1:30pm there will be a release of Core Durable Goods Orders and Unemployment Claims data. Later at 3pm there will be New Homes Sales data released. It is likely to be a volatile day.