GBP/USD Signals Update
Last Thursday’s signals produced a very profitable long trade off the bullish reversal from the anticipated support level at 1.4087. This gave a maximum potential profit of about 275 pips very quickly, just within the next day or so.
Today’s GBP/USD Signals
Risk 0.75% per trade.
Trades must be entered before 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 1.4241.
* 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.
* 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 2
* Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.4205.
* 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.
* 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 1
* Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of the bearish trend line currently sitting at around 1.4346.
* 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.
* 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
* Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.4350.
* 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.
* 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
We had a very sharp rise in this pair over Thursday and Friday with strong buying taking place at 1.4087. The GBP led the way as there was a risk-on rally throughout global markets, but late on Friday the price bumped up against the resistance at 1.4350 which I had thought was going to be strong and the price has subsequently fallen over 100 pips from there as at the time of writing.
The price is now not far from potential support at 1.4241. There is also likely support just above 1.4200.
There is nothing due today concerning either the GBP or the USD.