GBP/USD Signals Update

Last Thursday’s signals were not triggered as there was no bearish price action at 1.3101 and the price did not hit 1.3172 until after the London session.

Today’s GBP/USD Signals

Risk 0.75% per trade.

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

Long Trades

* Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.2996 or 1.2940.

* Put 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.

* Remove 50% of the position as profit when the price reaches 25 pips in profit and leave the remainder of the position to run.

Short Trades

* Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.3086 or 1.3172.

* Put 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.

* Remove 50% of the position as profit when the price reaches 25 pips in profit and leave the remainder of the position to run.

GBP/USD Analysis

Today could be a fairly quiet day as it is an August Monday with no major news scheduled. The long term trend is bearish but the USD has been weak so that is holding the price up somewhat. As London opens, it is very hard to see which direction the price is more likely to go. It is likely to be a choppy, directionless day.

There is nothing due today concerning either the GBP or the USD.