GBP/USD Signals Update
Last Thursday’s signals expired without being triggered.
Today’s GBP/USD Signals
Risk 0.75% per trade.
Trades may only be entered between 8am and 5pm London time today.
Long Trade 1
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.4462.
Put the stop loss 1 pip below the local swing low.
Adjust the stop loss to break even once the trade is 20 pips in profit.
Remove 50% of the position as profit when the price reaches 20 pips in profit and leave the remainder of the position to ride.
Short Trades
Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.4650, 1.4694 or 1.4798.
Put 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 ride.
GBP/USD Analysis
It is a holiday in London today so trading should be very quiet until New York opens. Since my previous forecast, the anticipated resistance level at 1.4650 has held, and there is no reason why it should not continue to do so even though the USD has been weak lately. This pair has been somewhat bullish lately but the price is really well within its zone of the previous few months, so there is no reason not to be prepared to take short trades as well as long.
Unfortunately there are no really obvious and strong support levels anywhere close by. So long trades are harder to judge.
Regarding the USD, there will be a release of ISM Manufacturing PMI data at 3pm London time. There is nothing due today concerning the GBP as it is a public holiday in the U.K.