GBP/USD Signals Update
Yesterday’s signals were not triggered as none of the key levels were reached during yesterday’s London session.
Today’s GBP/USD Signals
Risk 0.75% per trade.
Trades may only be taken before 5pm London time today.
Long Trades
Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.3017, 1.2879 or 1.2850.
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.
Short Trades
Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.3101 or 1.3172.
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
We saw some buying begin under 1.3000 as had been seen as a distinct possibility. This was strong enough to push the price back up through the seeming new resistance at 1.3017, so that level may become supportive again.
The most interesting immediate feature on the chart now is the suggestion of a triple top formation that has been formed just under the resistance at 1.3101. The best play is probably to see where there is another failed move up here after the London open making a new high, as such a failure would be likely to lead to a downwards movement.
There is nothing of high importance due today concerning the GBP. Regarding the USD, there will be a release of Crude Oil Inventories data at 3:30pm London time.