GBP/USD Signals Update
Last Thursday’s signals expired without being triggered as although the price did reach 1.5482 there was no bullish price action there.
Today’s GBP/USD Signals
Risk 0.75% per trade.
Trades must be entered before 5pm London time today only.
Long Trade 1
Long entry after bullish price action on the H1 time frame immediately following the next touch of 1.5350.
Put the stop loss 1 pip below the local swing low.
Adjust the stop loss to break even once the trade is 30 pips in profit.
Remove 50% of the position as profit when the trade is 30 pips in profit and leave the remainder of the position to run.
Short Trade 1
Short entry after bearish price action on the H1 time frame immediately following the next touch of 1.5550.
Put the stop loss 1 pip above the local swing high.
Adjust the stop loss to break even once the trade is 30 pips in profit.
Remove 50% of the position as profit when the trade is 30 pips in profit and leave the remainder of the position to run.
GBP/USD Analysis
I forecast on Thursday that the session was likely to see a downwards move as we had already hit probable strong resistance at 1.5550 a short while before London opened and this was exactly what happened as the price fell strongly later that day.
At the time of writing the price is in a muddle two questionable trend lines, as shown on the chart below. However there is a level not far below the current price that has proven to be supportive and which might be good for another long push, at 1.5350.
A return to 1.5550 is unlikely today but could give another opportunity to go short.
At 9:30am London time there will be a release of U.K. Manufacturing PMI data. Later at 3pm there will be a release of U.S. ISM Manufacturing PMI data.