GBP/USD Signals Update
Last Thursday’s signal expires without being triggered as the price never reached 1.4981 during that day’s London session.
Today’s GBP/USD Signals
Risk 0.75% per trade.
Trades must be entered only between 8am and 5pm London time.
Short Trade 1
Go short following a bearish price action reversal on the H1 time frame immediately upon the next entry into the resistance zone shown on the chart below currently between 1.4981 and 1.5019.
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 price reaches 1.4875 and leave the remainder of the position to run.
GBP/USD Analysis
This pair has been very quiet for several consecutive days, however we have now begun to get some movement. I identified last week that there should be high quality resistance beginning at 1.4981 and in fact that was the high yesterday to the pip. After reaching this level, with the US market coming online in illiquid conditions, the price of this pair fell sharply.
However we should note that previous resistance at around 1.4867 has seemingly become supportive, so we might be able to move up from here, possibly after another touch of the level, all the way to 1.4981 possibly. Price action and the first hour and a half after the London Open will be key.
There are no high-impact events scheduled today concerning the USD. Regarding the GBP, there will be a release of Services PMI data at 9:30am London time.