GBP/USD Signals Update

Yesterday’s signals expired without being triggered as the price never reached either 1.4878 or 1.4981 during yesterday’s London session.

Today’s GBP/USD Signals

Risk 0.75% per trade.

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

Long Trade 1

• Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.4802.

• 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 price reaches 1.4875 and leave the remainder of the position to run.

GBP/USD Analysis

This pair continued to fall yesterday as the USD began to regain some strength. Early this morning during the Asian session the price managed to convincingly break below the anticipated support level at 1.4878. This may now have flipped to become resistance but it is too early to tell, so although I have marked it thus within the chart below, it is too early to be looking at taking a short trade off a failed test of this level.

Below there is the next support level confluent with the whole number at 1.4800. The picture overall looks bearish and suggestive that we will now continue down to that level.

My colleague Christopher Lewis is also bearish, based partly upon his identification of a bearish rejection of the key 1.5000 level.

There are no high-impact events scheduled today concerning either the USD or the GBP.