GBP/USD Signals Update
Last Thursday’s signals were not triggered as none of the key levels were reached.
Today’s GBP/USD Signals
Risk 0.75% per trade.
Trades must be taken between 8am and 5pm New York time today only.
Long Trade 1
Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.3082.
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 Trade 1
Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.3162.
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 resistance level at 1.3268 was too strong to be breached last week, and Friday’s hawkish talk from the Fed was enough to push the price down quite sharply, although it should be noted that the Pound held up a little better against the U.S. Dollar than many other currencies. There is a long-term bearish trend, but the Pound has been showing some life recently.
Since this week’s open the pair has suggested that it is going to pull back, which would be natural after a strong fall. We will have to wait for a while, probably, to see it run out of steam and get poised for anther push down. The area between 1.3160 and 1.3180 looks like a good candidate for that stall to happen.
There is nothing due today concerning either the GBP or the USD. It is a public holiday in the United Kingdom.