GBP/USD Signals Update
Last Thursday’s signals expired without being triggered.
Today’s GBP/USD Signals
Risk 0.75% per trade.
Trades may only be made between 8am and 5pm London time today.
Long Trade 1
Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.5396.
Put the stop loss 1 pip below the local swing low.
Move 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 1.5140 and leave the remainder of the position to run.
Long Trade 2
Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.5300.
Put the stop loss 1 pip below the local swing low.
Move 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 1.5075 and leave the remainder of the position to run.
Short Trade 1
Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.5550.
Put the stop loss 1 pip above the local swing high.
Move 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 1.5175 and leave the remainder of the position to run.
GBP/USD Analysis
The surprise Conservative victory in last week’s U.K. General Election lifted this pair dramatically as soon the exit polls were released at 10pm London time last Thursday evening. The bullishness has held up with the nearest support level (which has been flipped from resistance) at 1.5396 also holding, albeit loosely.
There is key resistance at 1.5550.
There is definitely an upwards trend but a pull back off 1.5550 would not be a surprise.
At Noon London time the Bank of England will announce the Official Bank Rate and release the MPC Rate Statement, which is likely to affect the GBP.
