GBP/USD Signals Update
Yesterday’s signals probably gave a long trade off 1.5396 although unfortunately this would probably have been stopped out as the local swing low was broken. However the area has proved to be supportive overall so far.
Today’s GBP/USD Signals
Risk 0.75% per trade.
Trades must be made 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 1.5360.
• 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 1.5300.
• 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 1.5350 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 1.5700.
• 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 1.5510 and leave the remainder of the position to ride.
GBP/USD Analysis
I misjudged the support yesterday, thinking it would hold just below the round number but in fact it extended all the way down to 1.5360. A return to this level should still be a valid long opportunity. The resistance above remains the same although I expect there will be minor, local resistance now at around 1.5450. Note that the GBP remains the strongest currency after the USD, so if USD sentiment turns weak, long GBP/USD will probably be the best pair to use to exploit that, all else remaining equal.
There will be G7 Meetings all day.