GBP/USD Signals Update
Yesterday’s signals were not triggered.
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 the bearish trend line currently sitting at around 1.4245.
• 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.
Short Trade 2
• Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.4275.
• 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.
Long Trade 1
• Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.4106.
• 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.
• 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
There have been no key technical changes or touches of any crucial levels over the past 24 hours. What is interesting is that this pair has lost its bullish impetus and seems to be preparing to start selling off. However it is quite likely that we will need another failure to rise before any real descent can take place. There is a key resistant trend line nearby that could fulfil this function, as well as the key horizontal level at 1.4275. A sustained break above 1.4275 would be a very bullish sign.
There is nothing due today concerning the GBP. Regarding the USD, there will be a release of Unemployment Claims data at 1:30pm London time.