GBP/USD Signals Update
Yesterday’s signals expired without being triggered as the price never reached either 1.5402 or 1.5164.
Today’s GBP/USD Signals
Risk 0.75% per trade.
Trades may only be entered between 8am and 5pm London time.
Long Trade 1
• Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.5164.
• 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 1.53000 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 1.5402.
• 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 1.5300 and leave the remainder of the position to run.
GBP/USD Analysis
The price rose yesterday in line with the general fall of the USD, but we have still not reached either of the key levels, in particular the anticipated resistance at 1.5402. In fact it would not surprise me if we have already seen the high for today at about 1.5375. Both of the key levels remain untouched and this shows that we are in the middle of some ranging action. There is no reason to assume either level will break today either. My colleague Christopher Lewis sees the key levels similarly to me.
There are no high-impact events scheduled today for the USD or the GBP.