GBP/USD Signals Update
Last Thursday’s signals expired without being triggered.
Today’s GBP/USD Signals
Risk 0.75% per trade.
Trades may only be taken between 8am and 5pm London time today.
Long Trade 1
* Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.4225.
* 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 25 pips in profit 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 touch of 1.4350.
* 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 25 pips in profit and leave the remainder of the position to ride.
GBP/USD Analysis
This is one of the most strongly trending pairs. It continues to make new 5 year lows almost every day. The GBP is very weak and the USD is one of the stronger currencies. For these reasons I would be extremely careful in taking any long trades but the level at 1.4225 is a long-term swing low which may provide some support at least temporarily.
Above, the previous support at 1.4350 looks attractive now as probable resistance but a pull back to the round number at 1.4300 might be enough to trigger another sharp fall.
There is nothing due today concerning the GBP. Regarding the USD, it is a public holiday in the USA today.
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