GBP/USD Signals Update
Last Thursday’s signals were not triggered.
Today’s GBP/USD Signals
Risk 0.75% per trade.
Trades may only be entered before 5pm London time today.
Long Trades
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.4057 or 1.4017.
Place 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 Trades
Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.4285 or 1.4353.
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 ride.
GBP/USD Analysis
At the moment this pair is all about the British Pound which of course is dominated by the run-up to the British Referendum vote on 23rd June to determine whether the U.K. will remain a member of the European Union.
New polls published late Friday and over the weekend are beginning to show strong leads for “Leave”. These polls can be questioned and the betting shops are still giving tighter odds on Remain prevailing. However the cumulative effect of this swing towards Leave is to cause sudden plunges in the value of the British Pound and that is what we are seeing right now.
The fortunes of this pair are going to be determined over the next couple of weeks by the latest opinion poll. Therefore it must be traded with great caution as just about anything could happen at any time.
It is worth pointing out that the British Pound over 3 and 6 months is now the weakest of all the major global currencies.
There is nothing due today concerning either the GBP or the USD.