GBP/USD Signals Update
Yesterday’s signal was not triggered.
Today’s GBP/USD Signals
Risk 0.75% per trade.
Trades may only be entered before 5pm London time today.
Long Trades
No long trades.
Short Trade 1
Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.3541.
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
The Pound recovered by a fair amount yesterday, closing up for the day and not getting anywhere near Monday’s low. It is hard to say exactly what will happen to the Pound next, but it still has the potential to go down and there is momentum and fear pressing in that direction.
It is clear that there will be no clarity as to exactly what a Brexit is going to look like any time soon, so economic uncertainty will weigh on Britain, and that is likely to produce a weak Pound.
On the other hand there will be those who are more optimistic, think a Brexit either won’t happen or will be in done in name only, and who are prepared to buy the Pound at these levels as a bargain.
If I trade this pair, I will only take short trades
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There is nothing due today concerning the GBP except arguably the European Economic Summit. Regarding the USD, there will be a release of Crude Oil Inventories data at 3:30pm London time.