GBP/USD Signals Update
Last Thursday’s signals expired without being triggered as the price never hit either 1.5521 or 1.5630 during that day’s London session.
Today’s GBP/USD Signals
Risk 0.75% per trade.
Trades may only be entered between 8am and 5pm London time today.
Long Trade 1
Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.5396.
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.
Take off 50% of the position as profit when the price reaches 1.5490 and leave the remainder of the position to run.
Long Trade 2
Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.5300.
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.
Take off 50% of the position as profit when the price reaches 1.5350 and leave the remainder of the position to run.
Short Trade 1
Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.5700.
Put the stop loss 1 pip above the local swing high.
Move 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 1.5510 and leave the remainder of the position to run.
GBP/USD Analysis
The pair broke down very strongly at the end of last week in line with the general resumption of USD strength, forming a major lower high just about touching the round number at 1.5700.
The price continued to fall last night but has not yet hit the key support just below slightly underneath the round number at 1.5400, which might form a floor and firm things up at the London open.
There will be a release of U.S. Core Durable Goods data at 1:30pm London time, followed by CB Consumer Confidence at 3pm.