GBP/USD Signals Update
Yesterday’s signals were not triggered as none of the key levels were reached.
Today’s GBP/USD Signals
Risk 0.75% per trade.
Trades may only be entered between 8am and 5pm London time today.
Long Trades
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.3000 or 1.2940.
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 1.3181.
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
We saw a bottoming out yesterday with a triple tap just above the support level of 1.2940. The dovish FOMC release yesterday has encouraged the price to rise and it looks as if we have printed new support at the psychologically key round number of 1.3000. I would expect a generally bullish session ahead although the price may not be able to get above or even to 1.3100.
There is still a long-term bearish trend.
Regarding the USD, there will be a release of Unemployment Claims data at 1:30pm London time. Concerning the GBP, the Governor of the Bank of England will be speaking at a conference at 6pm