GBP/USD Signals Update
Last Friday’s signals were not triggered and expired.
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 1.5381.
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 1.5557.
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.
Remove 50% of the position as profit when the price reaches 25 pips in profit and leave the remainder of the position to run.
GBP/USD Analysis
The bearish trend line I was writing about last week has held, but the price is showing signs that it is going to retest it. I would want the price action to be very bearish before taking another short from here, even though I is a very long-term trend line, because it was tested already repeatedly and recently. Instead I look to the next resistance beyond that at 1.5557 for a short trade.
The support around 1.5381 is intact and should provide some kind of a bounce if we get there, especially if it happens before the bearish trend line is re-tested.
There are no high-impact releases due today concerning either the GBP or the USD.