GBP/USD Signals Update
Last Tuesday’s signals were not triggered and expired as there was no bullish price action at any of the long trade levels given.
Today’s GBP/USD Signals
Risk 0.75% per trade.
Trades may only be taken 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 1.5164.
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.
Remove 50% of the position as profit when the trade is 25 pips in profit 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 1.5337.
Put 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 25 pips in profit and leave the remainder of the position to ride.
GBP/USD Analysis
This pair has fallen strongly in recent days and is now looking significantly more bearish on longer-term charts that its sister pair EUR/USD.
There is a very key support level below at 1.5164 that might provide an excellent buying opportunity if the price gets there.
Alternatively as the overall picture looks bearish, pull backs to the new resistance levels that have been formed should provide good shorting opportunities. However you have to wonder if the price is ever really going to get much below 1.5000 as historically the price has spent the past few years ranging between 1.50 and 1.70 or thereabouts.
There is nothing due today regarding the GBP. Concerning the USD, there will be a release of Core Durable Goods Orders and Unemployment Claims at 1:30pm London time. The Chair of the Federal Reserve will be speaking at 10pm.