GBP/USD Signals Update
Yesterday’s signals were not triggered.
Today’s GBP/USD Signals
Risk 0.75% per trade.
Trades must be entered before 5pm London time today only.
Short Trade 1
* Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.4067.
* 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
* Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.4150.
* 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
This pair just made a fresh 7 year low. The pound has been weak and in a long-term downwards trend in any case, and the selling pressure on this currency is being intensified now as the country enters a four month campaigning period before its popular referendum on whether it should leave the European Union. The prospect of a vote to exit weighs heavily on the pound, although the polls suggest that the campaign to remain within the Union is ahead.
There are no obvious support levels anywhere nearby so in this environment it will make most sense to look for selling opportunities on pullbacks to 1.4067 or 1.4150 above that.
There is nothing due today concerning the GBP. Regarding the USD, there will be a release of Crude Oil Inventories data at 3:30pm London time.