GBP/USD Signals Update
Yesterday’s signals were not triggered as the price action at 1.4581 was not bearish enough.
Today’s GBP/USD Signals
Risk 0.75% per trade.
Trades may only be entered before 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 1.4436.
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 Trade 1
Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.4648.
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
This pair is still behaving quite weirdly and erratically. It is essentially trendless and subject to strange fluctuations based largely upon political developments in the U.K. which will be voting on whether to withdraw from the European Union on 23rd June. This pair is probably best avoided over the short-term.
Concerning the GBP, there will be a release of Manufacturing Production data at 9:30am London time. Regarding the USD, there will be a release of Crude Oil Inventories data at 3:30pm.