GBP/USD Signals Update
Yesterday’s signals were not triggered as there was no bullish price action when the price reached 1.3082.
Today’s GBP/USD Signals
Risk 0.75% per trade.
Trades may only be entered before 5pm New York time today.
Long Trades
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.3031 or 1.2996.
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.
Short Trade 1
Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.3162.
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 push down has slowed down but is still ongoing, and as this pair is also in a long-term bearish trend, trading this pair short looks to be the best opportunity available in day trading the Forex market today.
Of course, there is yesterday’s low around 1.3060 that may hold and act as a double bottom, driving price up against the long-term trend, so that is something to watch out for.
There is nothing due today concerning the GBP. Regarding the USD, there will be a release of CB Consumer Confidence data at 3pm London time.