GBP/USD Signals Update
Last Thursday’s signals produced a small winning short trade off the rejection of 1.4650, but only for 20 pips profit before being stopped out. Nevertheless it was a correctly identified major resistance level.
Today’s GBP/USD Signals
Risk 0.75% per trade.
Trades must be entered before 5pm London time today only.
Long Trade 1
* Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.4445.
* 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.
* 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
* Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.4650.
* 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
Both of the nearest key levels held over Thursday and Friday into the opening of this week. At the moment the price is rising and looks as if it will continue to rise until at least the minor resistance that is positioned at around 1.4560. Beyond that it is hard to say what will happen next. In any case I would be very surprised if the resistance at 1.4650 does not hold fast over today and tomorrow.
There is nothing due today concerning either the GBP or the USD.