GBP/USD Signals Update
Yesterday’s signals were triggered by the bearish pin bar rejecting the resistance level at 1.3000. This trade gave a profitable winning trade with a maximum of 90 pips available.
Today’s GBP/USD Signals
Risk 0.75% per trade.
Trades must be taken between 8am and 5pm London time today only.
Long Trades
No long trades.
Short Trades
Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.3000, 1.3050 and 1.3159.
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 run.
GBP/USD Analysis
The pair has begun to recover and the chart below is now showing swings with higher lows. However the resistance at 1.3000 was strong yesterday and it might hold again, there is also another level only 50 pips above that.
Although some kind of bullish move looks to being signalled by the price action, I still prefer to look for shorts here, as there are plenty of reasons why we can expect the Pound to be likely to weaken further, not least the strength and momentum of the recent fall.
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 ADP Non-Farm Employment Change data at 1:15pm followed by Unemployment Claims data 15 minutes later. Then at 4pm there will be a release of Crude Oil Inventories.