GBP/USD Forex Signal For September 21, 2015

GBP/USD Signals Update

There are no outstanding signals.

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 1.5470.

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.

Remove 50% of the position as profit when the trade is 25 pips in profit and leave the remainder of the position to run.

Long Trade 2

Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of the bullish trend line currently sitting at about 1.5400.

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.

Remove 50% of the position as profit when the trade is 25 pips in profit and leave the remainder of the position to run.

Short Trade 1

Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.5655.

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 1.5505 and leave the remainder of the position to run.

GBP/USD Analysis

This pair is consolidating over the long-term and looks likely to continue chopping around for a while. The good news there is that at least its movements should be more predictable as it chops off support and resistance, and recently key levels have indeed held, such as the support down near 1.5100 which has acted as a kind of floor for this pair.

We also have the beginning of a bullish trend line that will become established if it holds upon the next hit.

This trend line and flipped horizontal to resistance to support might become nicely confluent over the next couple of days at around 1.5470, so a long from that type of event looks like it might be a nice trade. On the other hand, there is good resistance overhead at 1.5655, which might produce a good double top is it is reached and reversed again.