GBP/USD Signal Update
Yesterday’s signals were not triggered as the price did not reach 1.6554, and did not print any bearish price action when it hit 1.6656.
Today’s GBP/USD Signals
Risk 0.50%
Entries must be made before 5pm London time today.
Long Trade 1
Enter long when confirmed by H1 price action at the first touch of 1.6656.
Put a stop loss 1 pip below the local swing low.
Move the stop loss to break even when the trade is 25 pips in profit.
Remove 90% of the position as profit at 1.6745 and leave the rest of the position to ride.
Long Trade 2
Enter long when confirmed by H1 price action at the first touch of 1.6600.
Put a stop loss 1 pip below the local swing low.
Move the stop loss to break even when the trade is 25 pips in profit.
Remove 45% of the position as profit at 1.6645, another 45% at 1.6745, and leave the rest of the position to ride.
GBP/USD Analysis
Yesterday we blasted upwards right through the resistance levels at 1.6622 and 1.6656, finally reaching the key psychological resistance level of 1.6750, where the bullish move has stalled for now. It is likely that the former resistance levels have flipped to now become key support levels, so I am looking for two long trades spaced out at the most important levels, if the first touch(es) is/are confirmed by bullish price action.
The level of 1.6656 is quite confluent with today’s GMT daily S1 pivot point at 1.6650, so there might well be a nice bounce off a rejection of these two prices at the same time.
Every indication looks bullish, however this pair has find it hard to maintain any price beyond 1.6750 for any real length of time, so it might well be that we find it hard to move much beyond that. As the market is awaiting major USD news that will be released only after London closes, it might be a slow day where the price gently drifts down but not by very much.
There are no high-impact news releases due today concerning either the GBP or the USD. It is likely to be a fairly quiet day awaiting the release of the FOMC meeting minutes at 7pm London time.