GBP/USD Signal Update

Yesterday’s signals were not triggered as the bullish price action took place somewhat below 1.2382.

Today’s GBP/USD Signals

Risk 0.75% per trade.

Trades must be taken between 8am and 5pm London time today only.

Long Trades

* Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.2364 or 1.2280.

* 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.

* 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

* Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.2464, 1.2502 or 1.2532.

* 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.

* 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

Same as yesterday, the price is essentially ranging and has been doing so for the past few days, with the GBP over recent weeks showing some greater strength against the USD. The range has become a little more condensed, with a new closer resistance level at 1.2464.

It is significant that the GBP held up yesterday against a strongly bullish USD move. This suggests that when the USD stops going up, this pair should then rise.

In the meantime, support and resistance trades look attractive here.

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