GBP/USD Forex Signal - 9 April 2019

|

Yesterday’s signals were not triggered, as none of the key levels were even reached.

Today’s GBP/USD Signals

Risk 0.75% per trade.

Trades must be entered before 5pm London time today only.

Long Trade

  • 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.

Short Trade

  • Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.3122.
  • 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 25 pips in profit and leave the remainder of the position to run.

 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.

Advertisement
Great trade opportunities are waiting - don't wait to profit from this pair!
TRADE NOW

GBP/USD Analysis

I wrote yesterday that there should be volatility, but the price will be very vulnerable this week to political developments as we approach Friday’s Brexit deadline. In fact, the price moved very little yesterday, but it should move more tomorrow. Direction is unclear, with the price almost half way between the nearest support and resistance levels. The next opportunity which looks attractive and likely to set up would be a short trade from a bearish rejection of 1.3122.

gbpusd

There is nothing of high importance due today concerning either the GBP or the USD.

Adam is a Forex trader who has worked within financial markets for over 12 years, including 6 years with Merrill Lynch. He is certified in Fund Management and Investment Management by the U.K. Chartered Institute for Securities & Investment.