GBP/USD Signal Update
Yesterday’s signals were not triggered and expired.
Today’s GBP/USD Signals
Risk 0.75%
Entries may be made only between 8am and 5pm London time today.
Long Trade 1
Long entry after confirming bullish price action on the H1 chart following the first touch of 1.6748.
Put a stop loss 1 pip below the local swing low.
Adjust the stop loss to break even when the price reaches 1.6775.
Take off 25% of the position as profit at 1.6800 and leave the remainder of the position to run.
Short Trade 1
Short entry after confirming bearish price action on the H1 chart following the first touch of 1.6864.
Put a stop loss 1 pip above the local swing high.
Adjust the stop loss to break even when the price reaches 1.6840.
Take off 50% of the position as profit at 1.6800 and the remainder at 1.6755.
GBP/USD Analysis
As expected, yesterday was a quiet day and the action is elsewhere at the moment. Nothing new has happened and we should still be expecting the upwards trend to continue following last week’s bounce up off the long-term trend line. As can be seen from the chart below, we may now be experiencing a short-term bounce short off a retest of the broken inner trend line.
Nevertheless, we have not reached either of the interesting levels above or below us yet, so the true action which is coming next remains to be seen.
The support at 1.6748 is now very confluent with the long-term bullish trend line and should act as excellent support. Above us there is a level at 1.6864 which should be treated more conservatively, but which could still be good for a short.
There are no high-impact news releases scheduled today concerning the USD. At 9:30am London time there will be a release of U.K. CPI data, which may affect the GBP.