GBP/USD Signal Update
Yesterday’s signals were not triggered as there was no bearish price action when the price reached 1.2308.
Today’s GBP/USD Signals
Risk 0.75% per trade.
Trades may be entered between 8am and 5pm London time today only.
Long Trades
Long entry following a convincing bullish price action reversal on the H1 time frame immediately upon the next touch of 1.2280 or 1.2212.
Put 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
Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.2400.
Put 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
Better than expected British economic data released yesterday saw this pair move up and start to catch up with other USD pairs that have also been busy moving against the USD during recent days.
There is technical significance in the printing of yet another higher support level at 1.2281 and the break above the 1.2300 area which has been the cap of the range over the past couple of weeks.
The chart below shows the price is within a widening bullish channel.
Regarding the GBP, there will be a release of Services PMI data at 9:30am London time, followed at Noon by the Bank of England Inflation Report, Official Bank Rate and Votes and Monetary Policy Summary. Concerning the USD, there will be a release of Unemployment Claims data at 12:30pm followed by ISM Non-Manufacturing PMI at 2pm.