GBP/USD Signals Update

Last Thursday’s signals expired without being triggered.

Today’s GBP/USD Signals

Risk 0.75% per trade.
Trades must be entered before 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 1.5434.
• 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 1.5500 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 1.5674.
• 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 1.5560 and leave the remainder of the position to run.

GBP/USD Analysis

The pair is now breaking down bearishly past the former support at 1.5550, and looks set as London opens to continue downwards to some degree. This leaves the next strong support a way down at 1.5434.

There is a likely zone of resistance above that begins at around 1.5650.

The GBP appears to have lost most of its relative strength against other currencies.

At 3pm London time there will be a release of U.S. ISM Non-Manufacturing PMI data. There is nothing due today regarding the GBP.