GBP/USD Signal Update
Yesterday’s signal was not triggered and expired. The price rose up straight from the weekly open and did not pull back to reach 1.6450.
Today’s GBP/USD Signal
Risk 0.50%.
Entry should be made between 8am and 5pm London time today only.
Long Trade 1
Enter long with a buy limit order at a touch of 1.6450.
Stop loss at 1.6420.
Move the stop loss to break even when the trade is 25 pips in profit and take half the position as profit at 1.6540.
Short Trade 1
Enter short with a sell limit order at a touch of 1.6750.
Stop loss at 1.6775.
Move the stop loss to break even when the trade is 25 pips in profit and take half the position as profit at 1.6670.
GBP/USD Analysis
There has been no change in the technical picture. The overall bias should still be long as we are still established in a narrowing bullish channel that has been intact since last summer. There are no obviously good resistance levels above us except for a minor flip that occurred the last time the price was around 1.6750 in 2011. As we are a good day’s range away from both the support and resistance levels identified, I am looking for touch trades should we reach either of these levels today during the London session.
There is important news due today for the GBP at 9:30am London time (Preliminary Quarterly GDP) and also later on for the USD at 1:30pm (Core Durable Goods Orders) and 3pm (CB Consumer Confidence).