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 taken between 8am and 5pm London time today.

Long Trade 1

* Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.5030.

* 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.

Long Trade 2

* Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.4971.

* 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 of 1.5248.

* 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

I wrote yesterday that the price would have to fall again to these levels (around 1.5030) before any further rise would occur. I was a bit wrong as the price actually fell to the area just above 1.5050 before turning around bullishly and closing the day near the daily high. The action is fairly choppy with resistance beginning at around 1.5020 but a new resistance level of 1.5154 looks key, and of course the level at 1.5250 remains inviting.

A move up to 1.5153 seems probable next.

There is nothing due today regarding the GBP or the USD. It is a public holiday today in the U.S.A.