GBP/USD Signals Update
Yesterday’s signal expired without being triggered.
Today’s GBP/USD Signals
Risk 0.75% per trade
. Trades may only be entered before 5pm London time and risk should be taken off any trade by 5:30pm.
Short Trade 1
• Go short following a bearish price action reversal on the H1 time frame immediately upon the next retest of the bearish trend line currently sitting at around 1.4806.
• Put the stop loss 1 pip above the local swing high.
• Move 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.
Short Trade 2
• Go short following a bearish price action reversal on the H1 time frame immediately upon the first test of 1.4892.
• Put the stop loss 1 pip above the local swing high.
• Move 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
We have a good bearish trend line that has held for almost three weeks now with several resistant touched. Some way beyond it, we also have a good flipped resistance level. Together these could provide two good short entries, however we have lots of big news today concerning both sides of this pair, so anything might happen.
There are high-impact events scheduled today concerning both the GBP and the USD. Regarding the GBP, there will be Average Earnings Index, Claimant Count Change, and the MPC Official Bank Rate votes at 9:30am London time, followed later at 12:30pm by the Annual Budget Release. Regarding the USD, at 6pm the U.S. Federal Reserve will be releasing the latest Federal Funds Rate and FOMC Statement and Projections. It is a very big news day for this pair today.