GBP/USD Signals Update
There are no outstanding signals.
Today’s GBP/USD Signals
Risk only 0.75% per trade.
Trades may only be made between 8am and 5pm London time.
Long Trade 1
Long entry after bullish price action on the H1 time frame immediately following the next touch of the broken bullish trend line shown on the chart below which is currently sitting just below 1.5150.
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 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
I have been leaving this pair alone for the past few days, but it has suddenly become interesting again for two reasons: firstly, there has been a lot of bullish interest in the GBP over recent days, which has been driving this pair upwards. Secondly, the price has broken out of both a bearish channel and a narrowing triangle formation, which is a bullish sign. Furthermore, we have been spending time in an area around 1.5000 which has historically been very supportive.
The problem with being bullish of this pair is really that the other side of the transaction is the USD, which is still quite strong and in a long-term bull trend that shows no clear signs of ending.
Nevertheless, there may be a good opportunity to get long at a pull back and bouncing retest of the broken upper, bearish triangle trend line below, even if the support level at 1.5096 is not also touched.
There are no high-impact data releases scheduled for later today concerning either the GBP or the USD. Therefore it is likely to be a very quiet day for this pair, unless there is unforeseen news.