GBP/USD Signal Update
Yesterday’s signals were not triggered as none of the key levels were ever reached.
Today’s GBP/USD Signals
Risk 0.75% per trade.
Trades must be taken between 8am and 5pm London time today only.
Long Trades
* Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.2312 or 1.2272.
* Place the stop loss 1 pip below the local swing low.
* 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 Trades
* Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.2419 or 1.2454.
* Place 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
This pair had been falling more sharply over recent days, but over the last two days or so has begun to consolidate between 1.2419 and 1.2312.However, there are signs that a move down is more likely than a move up over the short-term, with the price struggling to even reach the round number at 1.2400, so the resistance seems to be casting a shadow up there.
There is nothing due today regarding the GBP. Concerning the USD, there will be releases of Core Durable Goods Orders, Final GDP and Unemployment Claims data at 1:30pm London time.