By: DailyForex.com
GBP/USD Signals Update
Yesterday’s signals just barely produced a break even trade for 20 pips following the inside bar bullish rejection of the support identified at 1.4546.
Today’s GBP/USD Signals
Risk 0.75% per trade.
Trades must be taken made 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 1.4462.
* Place the stop loss 1 pip below the local swing low.
* Move the stop loss to break even once the trade is 20 pips in profit.
* Take off 50% of the position as profit when the price reaches 20 pips in profit and leave the remainder of the position to run.
Short Trades
* Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.4650, 1.4694 or 1.4798.
* Place 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 run.
GBP/USD Analysis
In spite of all the strong market movements in some currencies, the British Pound, like other European currencies, has not moved very much against the U.S. Dollar. The only real change from yesterday is the invalidation of a former support level not far from the current price. In spite of this, the outlook and price action seems somewhat bullish, with the U.S. Dollar looking weak following yesterday’s dovish FOMC Statement.
Regarding the USD, there will be releases of Advance GDP and Unemployment Claims data at 1:30pm London time. There is nothing due concerning the GBP.