By: DailyForex.com
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 only between 8am and 5pm London time today.
Short Trade 1
* Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.5248.
* 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 1.5300.
* 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.
Long Trade 1
* Go long following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.4857.
* 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 price reaches 25 pips in profit and leave the remainder of the position to ride.
GBP/USD Analysis
The pair was bullish last week but was not quite able to reach the resistance level confluent with a key psychological level at 1.5250 although it did get to within a few pips of that level. The price has been acting fairly bearishly ever since, finding minor support just above the round number at 1.5100. The best possibility today will probably be positive GBP news spiking the price up to 1.5248 or above, from where it might be possible to short very profitably.
Regarding the GBP, there will be a release of U.K. Average Earnings and Claimant Count data at 9:30am London time. Concerning the USD, there will be a release of Building Permits data at 1:30pm, followed by the FOMC at 7pm.