GBP/USD Signal Update

Yesterday’s signal was not triggered as the price never reached 1.7048.

Today’s GBP/USD Signals

Risk 0.75%.

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

Long Trade 1

Go long following bullish price action on the H1 time frame after the first touch of 1.7048.

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

Move the stop loss to break even when the price reaches 1.7090.

Take off 75% of the position as profit at 1.7090 and leave the remainder of the position to run

GBP/USD Analysis

As expected, yesterday was a very quiet day, with a total range barely larger than the previous trading today, which was 4th July. We had a slight move down and this tells us little except that we did not make a new high yesterday, although that does not mean much yet. It is hard to really see any new information being revealed by the past 24 hours.

The upper channel trend line is no longer holding and should not be seen as having even minor significance anymore.

I do not see any short opportunities yet, and I am not prepared to look for a long until we pull back to 1.7048. Therefore we really need to wait for the price to fall about 80 pips which is quite a long way and this will quite probably not happen today. We do have some news due later but even if it is very bad for the GBP it is unlikely to cause a spike move down that far.


There are no high-impact data releases scheduled for today concerning the USD. At 9:30am London time, there will be a release of UK Manufacturing Production data. Therefore it is likely that most volatility today will occur during the earlier part of the London session.

Related Articles
  1. Budgeting

    Your Worst Financial Mistakes And Why You Made Them

    No one intends to make a financial mistake, but an unexpected disaster or poor planning could leave you in financial distress.
  2. Savings

    4 Apps the Ultra-Rich Have

    Learn how the ultra-rich solve the problems the rest of the world would love to have with apps such as JetSmarter, SlipFinder and the Tesla Model S.
  3. Mutual Funds & ETFs

    Top 3 Latin America Stock Mutual Funds

    Discover information about some of the most popular mutual funds that offer investors exposure to equities of companies in Latin America.
  4. Retirement

    6 Ways to Give Back After Retirement

    Discover the various ways that retired individuals can give back, donating their time, skills and money while still maintaining a comfortable retirement.
  5. Economics

    The Biggest Oil Producers in Latin America

    Find out which countries produce the most oil in Latin America, and learn about some of the biggest oil companies operating in each country.
  6. Mutual Funds & ETFs

    Top 3 Inflation Protected Bond Mutual Funds

    Learn about the characteristics and suitability of the top inflation-protected bond mutual funds, and how investors can use these funds to their advantage.
  7. Mutual Funds & ETFs

    Top 3 High Yield Bond Mutual Funds

    Read about three high-yield bond mutual funds and why they are currently popular, and learn the advantages and disadvantages of investing in high-yield bonds.
  8. Economics

    The 9 Industries Driving Texas' Economy

    Find out which industries are driving the Texas economy. Learn about the largest and fastest growing employers and producers in Texas.
  9. Stock Analysis

    Who Are Starbucks’ Main Competitors?

    Examine the current state of Starbucks in relation to its major competitors in the coffee shop business, including Dunkin' Donuts and McDonald's.
  10. Retirement

    Top Retirement Community Developers

    Learn which companies are the top developers of communities for active adults and the history behind each of these popular and well-known companies.
  1. How safe are variable annuities?

    Life insurance companies are facing a challenging environment. Those that sell variable annuities have been able to mitigate ... Read Full Answer >>
  2. Why are mutual funds subject to market risk?

    Like all securities, mutual funds are subject to market, or systematic, risk. This is because there is no way to predict ... Read Full Answer >>
  3. How long do I need to keep income tax records?

    Keep all tax-related records for at least three years. For example, keep your 2015 tax return, filed in early 2016, at the ... Read Full Answer >>
  4. Are bank accounts escheatable?

    If banks are unable to contact account owners at their last known addresses, or receive no response, by law, the accounts ... Read Full Answer >>
  5. Are estate distributions taxable?

    In general, most estate distributions are not subject to income tax. In some cases, however, a distribution from an estate ... Read Full Answer >>
  6. Does Fidelity have mutual funds?

    Fidelity offers clients all asset classes of mutual funds, ranging from domestic equity to specialized sectors. The offering ... Read Full Answer >>

You May Also Like

Trading Center
You are using adblocking software

Want access to all of Investopedia? Add us to your “whitelist”
so you'll never miss a feature!