GBP/USD Signals Update
Yesterday’s signals were not triggered as there was no bearish price action when the price hit 1.5200.
Today’s GBP/USD Signals
Risk 0.75% per trade.
Trades may only be taken between 8am and 5pm London time today.
Long Trade 1
Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.5190.
Put the stop loss 1 pip below the local swing low.
Move the stop loss to break even once the trade is 25 pips in profit.
Take off 50% of the position as profit when the price reaches 1.5288 and leave the remainder of the position to run.
Long Trade 2
Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of the bullish trend line shown in the chart below which is currently sitting at around 1.5122.
Put the stop loss 1 pip below the local swing low.
Move the stop loss to break even once the trade is 25 pips in profit.
Take off 50% of the position as profit when the price reaches 1.5288 and leave the remainder of the position to run.
Long Trade 3
Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.5079.
Put the stop loss 1 pip below the local swing low.
Move the stop loss to break even once the trade is 25 pips in profit.
Take off 50% of the position as profit when the price reaches 1.5288 and leave the remainder of the position to run.
Short Trade 1
Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.5300.
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.
Take off 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
Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.5388.
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.
Take off 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
This pair has been gloriously bullish for a couple of weeks now, cleanly breaking through resistance after resistance, flipping resistance to support, and carving out a wonderfully straight and supportive bullish trend line.
There is major news due over the next couple of days for both sides of this pair. Shortly there will be key U.K. data followed tomorrow by a statement on the USD from the Federal Reserve. These events may move the price dramatically, but the trend is strong enough to suggest that any sharp move down to support is likely to provide a buying opportunity. However if the Fed do something really unexpected to strengthen the USD, that picture will change in an instant.
There are high-impact events scheduled today concerning both the USD and the GBP. At 9:30am London time there will be a release of U.K. Preliminary GDP data. Later at 3pm there will be a release of U.S. CB Consumer Confidence data.