GBP/USD Signals Update
Yesterday’s signals were not triggered and expired.
Today’s GBP/USD Signals
Risk 0.75% per trade.
Trades may be taken between 8am and 5pm London time today only.
Long Trade 1
* Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.5084.
* 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.
Long Trade 2
* Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.4971.
* 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 2
* Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.5217.
* 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
I wrote yesterday that it was a bullish sign to see the price flipping resistance to support and then firming up above 1.5100 and although it took a long time to come, the line of least resistance was indeed upwards, and the Asian session saw the pair reach a level not very far from 1.5200. I see good resistance at around 1.5217 and also a lot of support just above 1.5100.
We are about to get some GBP news and it is quite likely this news could spike the price up or down into the support or resistance so fading any spike in these areas and trying to hold for the rest of the day could be a great strategy.
There is nothing due today regarding the USD, it is a public holiday in the USA today. Concerning the GBP, there will be releases of Average Earnings Index and Claimant Count Change data at 9:30am London time.