GBP/USD Signals Update
Yesterday's signals expired without being triggered as none of the key levels were reached during the London session.
Today's GBP/USD Signals
Risk 0.75% per trade.
Trades must be made between 8am and 5pm London time today only.
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 1.5689.
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 1.5605 and leave the remainder of the position to ride.
Long Trade 1
Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.5537.
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 1.5575 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 touch of 1.5464.
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 1.5525 and leave the remainder of the position to ride.
GBP/USD Analysis
We did get a relatively good move up yesterday and the picture is starting to look more bullish, but we are still firmly within a well-established range. The support at 1.5537 has proved itself. There is plenty of big news due later today and tomorrow so we can expect volatility and a lot of choppiness so there could be good opportunities to fade the key levels, all of which remain intact.
Concerning the GBP, there will be a release of Manufacturing Production data at 9:30am London time, followed later at Noon by the BoE Inflation Report, Official Bank Rate and Rate Votes. Then at 12:45 the Governor of the BoE will be speaking. Regarding the USD, there will be a release of Unemployment Claims data at 1:30pm London time.
