GBP/USD Signals Update

Yesterday’s signals expired without being triggered, although the price did make the high of the day just 3 pips short of the nearest identified resistance level.

Today’s GBP/USD Signals

Risk 0.75% per trade.

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

Long Trade 1

* Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.5381.

* Place the stop loss 1 pip below the local swing low.

* Adjust the stop loss to break even once the trade is 25 pips in profit.

* Take off 50% of the position as profit when the trade is 25 pips in profit and leave the remainder of the position to ride.

Short Trade 1

* Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch 1.5500.

* Place the stop loss 1 pip above the local swing high.

* Adjust 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 2

* Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch 1.5557.

* Place the stop loss 1 pip above the local swing high.

* Adjust 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

The positive GBP news yesterday caused the price to spike up to just under the resistance confluent with the key round number at 1.5500. The price fell almost all the way to the next round number below, but has recovered a little this morning. It is hard to say what is going to happen next but either level should be useful to trade. If I had to pick a side, the price action is suggestive that the primary direction for this pair today will be long.