GBP/USD Signals Update

Yesterday’s signals expired without being triggered as the price never reached either 1.5653 or 1.5803

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 1.5653.

• Put 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.

• Remove 50% of the position as profit when the price reaches 1.5700 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 1.5803.

• 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 1.5765 and leave the remainder of the position to run.

Short Trade 2

• Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.5850.

• 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 1.5765 and leave the remainder of the position to run.

GBP/USD Analysis

It was another very quiet day for this pair yesterday but that might be about to change with some important data coming out soon concerning both currencies.

All the key levels are the same as yesterday.

If the USD news today and tomorrow is worse than expected, this could be the best pair to be long of against the USD to exploit that.

Regarding the GBP, there will be a release of Manufacturing PMI data at 9:30am London time. One hour later, the Governor of the Bank of England will give a press conference. Concerning the USD, there will be ADP Non-Farm Employment Change data at 1:15pm followed later by ISM Manufacturing PMI data at 3pm.