GBP/USD Forex Signal
Yesterday’s signals were not triggered, as none of the key levels were ever reached.
Today’s GBP/USD Signals
Risk 0.75% per trade.
Trades must be entered between 8am and 5pm London time today only.
- Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.2959.
- 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 25 pips in profit and leave the remainder of the position to run.
- Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.3005 or 1.3073.
- 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.
- Take off 50% of the position as profit when the price reaches 25 pips in profit and leave the remainder of the position to ride.
The best method to identify a classic “price action reversal” is for an hourly candle to close, such as a pin bar, a doji, an outside or even just an engulfing candle with a higher close. You can exploit these levels or zones by watching the price action that occurs at the given levels.
I wrote yesterday that there was a bearish trend, but the Pound was still tending to be bought below 1.3000. However, I thought that a break below the next support at 1.2959 would be a really significant bearish sign, so that would probably be the next important pivotal level. This has not been tested yet, and as due to the holiday in the U.K. there was very little price movement yesterday, my analysis is still valid for today. I would take a bearish bias if the London open sees a strong downward movement to new lows, at least until the support at 1.2959.
There is nothing important due today concerning either the GBP or the USD.
- Currency Pairs