GBP/USD Signals Update
Yesterday’s signal was not triggered as although the price did reach 1.4690, there was no bearish price action there.
Today’s GBP/USD Signals
Risk 0.75% per trade.
Trades may only be entered before 5pm London time.
Long Trade 1
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.4691.
Put the stop loss 1 pip below the local swing low.
Move the stop loss to break even once the trade is 25 pips in profit.
Remove 50% of the position as profit when the price reaches 1.4625 and leave the remainder of the position to ride.
GBP/USD Analysis
Yesterday’s poor US data sent this pair shooting up cleanly past the anticipated resistance at 1.4691. The price has bounced off the whole number at 1.4800 which appears to be resistive but the bounce is too soon to be used again today, therefore the best move is probably to wait and hope for a pull back to 1.4691 and hope this resistance will have flipped to good support.
Above us the next probable horizontal resistance level beyond 1.4691 is too far away to be of concern.
Although there is no big news due today, the GBP may get dragged along in the wake of any dramatic moves in the Euro, so bear in mind there is an ECB Press Conference later today.
There are no high-impact events scheduled later today concerning either the GBP or the USD.