GBP/USD Forex Signal | DailyForex

By: DailyForex.com

Yesterday’s signals were not triggered as none of the key levels were ever reached.

 

Today’s GBP/USD Signals

Risk 0.75% per trade.

Trades must be taken before 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 1.2950 or 1.2918.

· 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 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 1.3016 or 1.3061.

· 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 25 pips in profit and leave the remainder of the position to run.

 

The best method to identify a classic “price action reversal” is for an hourly candle to close, such as a pin bar, a doji, an outside or even just an engulfing candle with a higher close. You can exploit these levels or zones by watching the price action that occurs at the given levels.

 

GBP/USD Analysis

The Pound looks relatively bearish, and we see the printing of a new lower resistance level at 1.3016. This suggests that this pair is ready to fall strongly if the U.S. Dollar gets a major boost. However, the nearest support below at 1.2950 is very strong and likely to attract long-term buyers. A sustained break below 1.2950 would be a very bearish sign, and would also signify the end of the long-term bullish trend which is still technically in force.GBPUSD

Concerning the GBP, there will be a release of Manufacturing Production data at 9:30am London. Regarding the USD, there will be releases of PPI and Unemployment Claims data at 1:30pm.

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