GBP/USD Signals Update
Last Thursday’s signals were not triggered as although 1.4570 did act as support that day, there was not really clear bullish price action when the price reached that level to trigger a trade entry.
Today’s GBP/USD Signals
Risk 0.75% per trade.
Trades may only be entered from 8am to 5pm London time today.
Long Trade 1
Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.4414.
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 Trade 1
Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.4580.
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
After last week’s really strong move up by the British Pound, the price has fallen off against the strong USD, and the key level of 1.4520 has come back into play as resistance. It held the price again during the Asian session, and as we are close to it and have just touched it, I would be wary of taking a short trade off it again during today’s trading session.
There is no key support until 1.4414 so the price might have some way to fall, although there could well be minor support at 1.4450.
There are no high-impact events due today concerning either the GBP or the USD.