GBP/USD Signal Update

There are no outstanding signals.

Today’s GBP/USD Signals

Risk 0.75%.

Entries may be made only between 8am and 5pm London time today.

Long Trade

Long entry following bullish price action on the H1 time frame following a first touch of 1.6808.

Put a stop loss 1 pip below the local swing low.

Adjust the stop loss to break even when the price reaches 1.6890.

Remove 75% of the position as profit at 1.6890 and leave the remainder of the position to run.

Short Trade

Short entry following bearish price action on the H1 time frame following a first touch of 1.6890.

Put a stop loss 1 pip above the local swing high.

Adjust the stop loss to break even when the price reaches 1.6810.

Remove 50% of the position as profit at 1.6810 and leave the remainder of the position to run.

GBP/USD Analysis

Following a multi-year high which this pair made in early July, it has been falling quite steadily due to both recent USD strength and a feeling in the market that the GBP had gone as far as it could go for now, after a very impressive bull run that had lasted more than a year.

However there has been some bullishness in recent days, with a bottom forming at 1.6808. This level acted as both support, then resistance during May and June when the price was last here.

If this bottom holds we should be due for a more meaningful upwards correction. Watch out for the bearish trend line shown in the chart below above the current price, as well as likely resistance at the 1.6893 level.


There are high-impact data releases due today concerning both the GBP and the USD. At Noon London time the Bank of England will announce the Asset Purchase Facility and the Official Bank Rate. Later at 1:30pm there will be a release of US Unemployment Claims data.

Related Articles
  1. Active Trading

    FYI On ROI: A Guide To Calculating Return On Investment

    Return on investment is a simple equation that can give you an edge when fine-tuning your portfolio - here's how to use it.
  2. Investing

    How to Take Maternity Leave as a Freelancer

    Freelancers are not covered under the Family and Medical Leave Act, but maternity leave is still doable with these tips.
  3. Retirement

    Roth 401(k), 403(b): Which Is Right for You?

    Learn how to decide between a traditional or Roth version of the 401(k), 403(b) or 457(b) retirement plans to help you build your nest egg.
  4. Mutual Funds & ETFs

    Why ETFs Are a Smart Investment Choice for Millennials

    Exchange-traded funds offer an investment alternative to cost-conscious millennials who want to diversify their portfolios with less risk.
  5. Markets

    What Is the Labor Market Conditions Index?

    The Labor Market Conditions Index is a new Fed indicator to track labor statistics. How useful is it?
  6. Investing

    Asset Manager Ethics: Acting With Competence and Diligence

    Managers must make investment decisions based on their personal investment process, which in turn should be based on solid research and due diligence.
  7. Investing

    Asset Manager Ethics: Acting In the Benefit of Clients

    Investment managers should always act to benefit the client. Learn what actions managers should take on a client's behalf.
  8. Investing Basics

    Calculating The Present And Future Value Of Annuities

    Here's everything you need to account for when calculating the present and future value of annuities.
  9. Economics

    The World's Top 10 Economies

    A look at the top ten economies in the world.
  10. Forex Education

    Understanding The Income Statement

    Learn how to use revenue and expenses, among other factors, to break down and analyze a company.
  1. Is North Korea a developed country?

    North Korea is one of the poorest and least developed countries in the world. It is far from a developed country. Because ... Read Full Answer >>
  2. Does Netspend accept wire transfers?

    NetSpend accepts some types of wire transfers to add money to the prepaid debit cards it issues to its customers. There are ... Read Full Answer >>
  3. Is Mexico a developed country?

    As of 2015, Mexico is not a developed country. However, it beats the majority of its peers in the developing world on most ... Read Full Answer >>
  4. Is China a developed country?

    Despite having the world's second-largest economy and third-largest military, China is still, as of 2015, not classified ... Read Full Answer >>
  5. Do FHA loans require escrow accounts?

    Federal Housing Administration (FHA) loans require escrow accounts for property taxes, homeowners insurance and mortgage ... Read Full Answer >>
  6. Is Greece a developed country?

    Greece is a developed country by most meaningful metrics. However, its financial struggles have been well documented in the ... Read Full Answer >>

You May Also Like

Trading Center