GBP/USD Signals Update
Yesterday’s signals expired without being triggered.
Today’s GBP/USD Signals
Risk 0.75% per trade.
Trades may only be entered between 8am and 5pm London time.
Long Trade 1
Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.5164.
Put 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 1.5240 and leave the remainder of the position to run.
Short Trade 1
Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.5402.
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.
Take off 50% of the position as profit when the price reaches 1.5300 and leave the remainder of the position to run.
GBP/USD Analysis
I had thought this pair would fall after approaching 1.5402 and this proved to be the dominant move yesterday. However in anticipation of today’s big GBP news, the price stayed within its range and did not hit either of the key levels that were highlighted. That is quite probably going to change today, and then there should of course be further volatility with tomorrow’s NFP.
Regarding the GBP, there will be a release of the Official Bank Rate at Noon London time, followed shortly by the MPC Rate Statement. Concerning the USD, there will be a release of Unemployment Claims data at 1:30pm.