GBP/USD Signals Update
Yesterday’s signals were not triggered and expired.
Today’s GBP/USD Signals
Long Trade 1
Long entry after bullish price action on the H1 time frame on the closing hourly candle at 9am London time, provided the low has touched 1.5128.
Put 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 25% of the position as profit when the trade is 25 pips in profit and leave the remainder of the position to run.
At the time of writing about half an hour before the London Open, the price has just been resting on the anticipated support level at 1.5128. If there is no close below this level, and the first hour of London session trading touches this level but the hourly candle closes bullishly, then there should be scope for a long trade if it breaks to the upside during the next hour.
This trade may not stick so should be managed conservatively, due to the fact that we have big Usd news coming up: FOMC minutes this evening ater the London session, followed by Non-Farm Payrolls data later in the week.
If the price does break below 1.5128, it is quite likely to find support somewhere between that price and 1.5000, but it is hard to say where this would be likely to happen.
There are high-impact data releases scheduled today concerning the USD only. At 1:15pm London time there will be a release of ADP Non-Farm Employment data. Then at 7pm there will be the U.S. FOMC Meeting Minutes.