GBP/USD Signals Update
Yesterday’s signals gave a short trade off an hourly pin bar rejecting resistance at 1.5522 which unfortunately failed.
Today’s GBP/USD Signals
Risk 0.75% per trade.
Trades may be taken before 5pm London time today only.
Long Trade 1
• Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.5521.
• Place the stop loss 1 pip below the local swing low.
• Adjust 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 1.5490 and leave the remainder of the position to ride.
Long Trade 2
• Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.5396.
• Place the stop loss 1 pip below the local swing low.
• Adjust 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 1.5390 and leave the remainder of the position to ride.
Short Trade 1
• Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.5630.
• 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.
• Remove 50% of the position as profit when the price reaches 1.5530 and leave the remainder of the position to ride.
GBP/USD Analysis
This pair did not move much yesterday but it seems that former resistance at around 1.5521 may now have turned into support which would be a bullish sign. A bullish bounce off that level early in the London session could see the start of a move up. Yesterday’s FOMC had little impact anywhere. If the USD starts to weaken significantly again, this pair is probably going to be the best place to trade that – long, or course. Note there is plenty of news due today for both currencies.
There are high-impact news releases scheduled today concerning both the USD and the GBP. Concerning the GBP, there will be a release of Retail Sales data at 9:30am London time. Regarding the USD, there will be a release of U.S. Unemployment Claims data at 1:30pm, followed by the Philly Fed Manufacturing Index at 3pm.