GBP/USD Signals Update
Yesterday’s signal expired without being triggered.
Today’s GBP/USD Signals
Risk 0.75%
Trades must be made prior to 5pm London time.
Risk should be taken off any open trades before 6:30pm London time.
Short Trade
Go short following bearish price action on the H1 time frame once the price has first touched 1.5789.
Put 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.
Take off 50% of the position as profit when the trade is 25 pips in profit and leave the remainder of the position to run.
GBP/USD Analysis
This pair was again fairly quiet yesterday. The late Asian session has just seen a move up off some minor, local round number support at 1.5600, which is somewhat suggestive that a move up will occur during the London session, which is just beginning at the time of writing, if we can break soon above the 1.5625 level. There is a major news release due this morning but it is very unlikely to provide any surprises.
Unfortunately there are no good key flipping support or resistance levels anywhere nearby before 1.5789. There is practically no chance that we will hit this level before the FOMC statement is released tonight after the London close.
There are high-impact news releases scheduled today likely to affect both the GBP and the USD. At 9:30am London time there will be a release of U.K. Asset Purchase Facility and Official Bid Rate Voting data, which is likely to affect the GBP. Regarding the USD, there will be a release of Building Permits data at 1:30pm London time followed later by a release of the FOMC Meeting Minutes at 7pm.