GBP/USD Signals Update
Yesterday’s signals were not triggered and expired.
Today’s GBP/USD Signals
Risk 0.75% per trade.
Trades may only be taken between 8am and 5pm London time today.
Short Trade 1
* Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.4500.
* 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.
* 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 price has been moving up in waves but the action has cleared out a large space between 1.4500 and 1.4205 where there are no really obvious key support or resistance levels. As such it is very difficult to see where the price is most likely to go next. I suspect we are going to reach or at least get very close to 1.4500. The price has been acting bullishly mostly for a couple of weeks now, but we are still in a long-term downwards trend and so a sharp fall that can be exploited by a good short trade entry should not be ruled out. However it is very likely that even if the price does rise today, it will not get as high as 1.4500 so the opportunity to get short will quite probably come later in the week.
Regarding the GBP, there will be a release of Construction PMI data at 9:30am London time. There is nothing due concerning the USD.