GBP/USD Signals Update
Yesterday’s signal was not triggered as the price never reached 1.4981 yesterday.
Today’s GBP/USD Signals
Risk 0.75% per trade.
Trades must be entered only between 8am and 5pm London time.
Short Trade 1
Go short following a bearish price action reversal on the H1 time frame immediately upon the next entry into the resistance zone shown on the chart below currently between 1.4981 and 1.5019.
Place the stop loss 1 pip above the local swing high.
Adjust the stop loss to break even once the trade is 25 pips in profit.
Take off 50% of the position as profit when the price reaches 1.4875 and leave the remainder of the position to ride.
GBP/USD Analysis
While this pair was beginning to move yesterday, it has ranged back and now the chart shows that it really just continues to go backwards and forwards.
To some extent this has been because the USD has been lacking a clear direction recently, but it is probably more to do with the fact that the British election campaign is underway with polls showing a dead heat, generating uncertainty about the future direction that country is going to take.
The resistance overhead continues to look significant but it is very unlikely we will get there during today’s London session.
Like all USD pairs, it is probably going to become more interesting to trade after the FOMC release later tonight.
There are no high-impact events scheduled later today concerning the GBP. Regarding the USD, there will be a release of the FOMC Meeting Minutes at 7pm London time.