GBP/USD Signal Update
Yesterday’s signals were not triggered as the bullish price action took place below 1.2400.
Today’s GBP/USD Signals
Risk 0.75% per trade.
Trades may only be entered between 8am and 5pm London time today.
Long Trade 1
Long entry following a convincing bullish price action reversal on the H1 time frame immediately upon the next touch of 1.2280.
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 1.2499.
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
After yesterday’s bullish run by the U.S. Dollar, the markets have been very quiet, unusually so, since London closed. The Pound here is going nowhere now. The bullish trend lines have been broken.
I find this lack of a fall overnight surprising as the polls are continuing to trend towards a Clinton victory, which should logically strengthen the U.S. Dollar.
It is quite probably that the markets will be thin and quiet all day until initial exit polling comes in from the U.S. later, although the U.K. news due later could move the Pound.
Regarding the GBP, there will be a release of Manufacturing Production data at 9:30am London time. Concerning the USD, we will get the results of the Presidential Election when polls begin to close on the east coast later.