GBP/USD Signals Update
Yesterday’s signals were not triggered as the price did not reach 1.2940.
Today’s GBP/USD Signals
Risk 0.75% per trade.
Trades must be taken before 5pm London time today only.
Make sure trades are protected by 6:30pm at the latest.
Long Trades
Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.2940, 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 Trade 1
Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.3181.
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
There are some initial indications that we are forming a supportive double bottom just a few pips above the identified support level at 1.2940. In spite of the bearish long and short-term trends, we might well get some support holding in this area as there are three support levels all packed fairly close together within a 90 pip range. Therefore, this area could be quite prone to holding up. In any case, there will be big USD news later which could push the price anywhere.
There is nothing due today concerning the GBP. Regarding the USD, there will be a release of Crude Oil Inventories data at 3:30pm London time, followed by all the FOMC releases at 7pm and the usual press conference.