GBP/USD Signals Update
Last Thursday’s signals provided a winning long trade that would already have provided a modest gain.
Today’s GBP/USD Signals
Risk 0.75% per trade.
Trades must be made before 5pm London time only.
Long Trade 1
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.5434.
Place 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.
Remove 50% of the position as profit when the price reaches 1.5500 and leave the remainder of the position to ride.
Short Trade 1
Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.5700.
Place 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 1.5500 and leave the remainder of the position to ride.
GBP/USD Analysis
We had been moving up with good bullishness after breaking up past 1.5500 but so far the indications are that this move may have run out of steam. The first hour of the London session today is likely to be crucial in setting direction as there is no news due for either side of this currency pair today.
The key support and resistance levels are unchanged.
There are no high-impact events scheduled today for either the GBP or the USD.