GBP/USD Signals Update
Last Thursday’s signals expired without being triggered.
Today’s GBP/USD Signals
Risk 0.75% per trade.
Trades must be made before 5pm London time only.
Short Trade 1
Go short following a bearish price action reversal on the H1 time frame immediately upon the first test of 1.4892.
Put the stop loss 1 pip above the local swing high.
Move the stop loss to break even once the trade is 25 pips in profit.
Remove 50% of the position as profit when the trade is 25 pips in profit and leave the remainder of the position to run.
GBP/USD Analysis
The sharp fall in this pair continued during the final two days of last week, pushing the price down to lows that have not been seen for a long time and denting the GBP’s reputation as a currency of some emerging strength.
Although the price found a little support at the round number of 1.4700 on Friday, the overall picture still looks bearish, with a fairly strong bearish trend line above the current price defining the action for the entire month of March.
As it is Monday and there is no high-impact news scheduled today that is likely to impact this pair, the price is very unlikely to reach 1.4892 today. This should be a good level as it is nearly confluent with the aforementioned bearish trend line.
There are no high-impact events scheduled today concerning either the USD or the GBP. Therefore it will probably be a quiet day for this pair.