GBP/USD Signals Update
Yesterday’s signals were not triggered as there was insufficient bearish price action at 1.5078.
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 1.5078.
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.
Long Trade 2
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.4971.
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 2
Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.5217.
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
Yesterday was relatively quiet in the absence of any major news but it was interesting that the price broke above the resistance level of 1.5078 but also managed to hold up above that level and gain 30 pips or so. It is a sign that the GBP may be firming up.
As that level behaved as a meaningful marker, I am prepared to look for a long there and to treat 1.5078 as probable support.
It may well be quiet again today as there is no major news scheduled.
There is nothing due today regarding either the GBP or the USD.