GBP/USD Sigal Update
Yesterday’s signal expired without being triggered.
Today’s GBP/USD Signals
• Risk 0.75%.
• Entry may only be made before 5pm London time today.
Long Trade 1
• Go long at the first touch of 1.7048.
• Place a stop loss at 1.6995.
• Move the stop loss to break even when the price reaches 1.7125.
• Take off 75% of the position as profit at 1.7125 and leave the remainder of the position to run.
I wrote yesterday that we were likely to fall down to around 1.7050 which might be a likely turning point. We did in fact get to within a few pips of this area just before the first news release of the day, which was very bullish for the GBP and from which price took off, reaching new multi-year highs. However, later USD news pushed the pair down relatively strongly, although it is still holding up just above the daily GMT pivot point at 1.7130.
I do not see any good level at which to get short yet, and as we are some considerable way from the flipped support level at 1.7048, I would be looking to get long today upon a first touch of that level.
At 9:30am London time there will be a release of UK Claimant Count Change and Unemployment Rate data. Concerning the USD, at 1:30pm there will be a release of US PPI data followed later by the Chair of the Federal Reserve testifying at 3pm. Therefore today is likely to be an active day for this pair.