GBP/USD Signals Update
Yesterday’s signals gave a nicely profitable short trade off the reversal from the support at 1.5665. It could be worth closing the rest of the trade as we are now hitting a supportive trend line.
Today’s GBP/USD Signals
Risk 0.75% per trade.
Trades must be entered between 8am and 5pm London time today only.
Long Trade 1
Long entry following a bullish price action reversal on the H1 time frame off the bullish trend line currently sitting at around 1.5565.
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.
Take off 50% of the position as profit when the price reaches 1.5635 and leave the remainder of the position to ride.
Long Trade 2
Long entry following a bullish price action reversal on the H1 time frame immediately upon the next entry into the zone between 1.5544 and 1.5535.
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.
Take off 50% of the position as profit when the price reaches 1.5595 and leave the remainder of the position to ride.
Short Trade 1
Short entry following a bearish price action reversal on the H1 time frame immediately upon the next entry into the zone between 1.5665 and 1.5690.
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.
Take off 50% of the position as profit when the price reaches 1.5610 and leave the remainder of the position to ride
GBP/USD Analysis
The price fell all day off what has become very strong resistance between 1.5665 and 1.5690, and as London opens today, is finally getting what looks to be some real support at the broken bearish trend line which is being retested. This is likely to be supportive, especially as there is a key support zone not far below. There is news due today for both sides of this currency pair so anything could happen, but a move up to at least 1.5620 looks probable for the London session, especially if the GBP news is better than expected.
Concerning the GBP, there will be a release of CPI numbers at 9:30am London time. Regarding the USD, there will be a release of Building Permits data at 1:30pm.