GBP/USD Signals Update
Last Thursday’s signals gave a profitable short trade off the bearish pin bar reversal from 1.5337 that was good for a profit of about 80 pips.
Today’s GBP/USD Signals
Risk 0.75% per trade.
Trades must be entered 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 1.5244.
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.
Take off 50% of the position as profit when the trade is 25 pips in profit 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 1.5380.
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.
Take off 50% of the position as profit when the price reaches 25 pips in profit and leave the remainder of the position to ride.
Short Trade 2
Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.5485.
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.
Take off 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 is currently looking neither really bullish nor bearish. The best perspective to take right now is probably to say that the USD is weak, but the GBP is also quite weak, so although the USD is going down the GBP is having trouble really pushing the price up. This means that shorts off resistance levels nearby are quite likely to be good trades if the price action is showing a reversal.
The real test for this pair to become bullish will be the resistance at around 1.5500, where it seems a confluence of a key horizontal level and trend line will act as a strong barrier to a further rise.
There are no high-impact releases due today concerning either the GBP or the USD. It is a public holiday today in the USA.