GBP/USD Signals Update
Yesterday’s signals were not triggered and expired.
Today’s GBP/USD Signals
Risk 0.75% per trade.
Trades must be made before 5pm London time only.
Short Trade 1
Go short following a bearish price action reversal on the H1 time frame immediately upon the first test of the broken bullish trend line currently sitting at around 1.5143.
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 1.5200.
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.
Long Trade 1
Go long following a bullish price action reversal on the H1 time frame immediately upon the first test of 1.4950.
Put the stop loss 1 pip below the local swing low.
Move the stop loss to break even once the trade is 30 pips in profit.
Remove 50% of the position as profit when the trade is 30 pips in profit and leave the remainder of the position to run.
GBP/USD Analysis
As expected, yesterday was a fairly quiet day. There has been no change to technical picture, with the exception that the trend line above has still not been touched so it is starting to look more attractive as a launching pad for a short move. This is still not one of the best pairs to trade due to the GBP being the strongest global currency next to the mighty USD. Due to the USD strength, my colleague Christopher Lewis is bearish.
There are no high-impact events scheduled for today concerning the USD. Regarding the GBP, there will be a release of U.K. Manufacturing Production data at 9:30am London time.