GBP/USD Signals Update
Yesterday’s signal was not triggered as the price never reached 1.4981.
Today’s GBP/USD Signals
Risk 0.75% per trade.
Trades may only be made before 5pm London time only.
Short Trade 1
Short entry following a bearish price action reversal on the H1 time frame immediately upon the first entry into the resistance zone shown on the chart below currently between 1.4981 and 1.5019.
Place 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.
Remove 50% of the position as profit when the trade is 25 pips in profit and leave the remainder of the position to ride.
GBP/USD Analysis
I wrote yesterday that this pair has not been great to trade lately as it is just not going anywhere and this situation continued yesterday. It also looks likely to continue today, although we have high-impact news on both sides of this pair that might be able to push the price around.
The only really obvious support or resistance continues to be the resistant zone above. If the price manages to spike up there, it could be a good zone at which to seek a bearish reversal.
On the other hand, support continues to be difficult to identify.
There are high-impact events scheduled today concerning both the GBP and the USD. Concerning the GBP, there will be a release of Construction PMI data at 9:30am London time. Regarding the USD, at 1:30pm London time, there will be releases of Trade Balance and Unemployment Claims data.