By: DailyForex.com

GBP/USD Signal Update

Yesterday’s signal expired without being triggered as the price never reached 1.6684.

Today’s GBP/USD Signals

Risk 0.75%.

Entries must be made before 5pm London time today.

Long Trade 1

Go long at a first touch of 1.6684.

Put a stop loss at 1.6644.

Move the stop loss to break even when the price reaches 1.6720.

Remove 75% of the position as profit at 1.6720 and leave the remainder of the position to ride.

Short Trade 1

Go short at a first touch of 1.6914.

Put a stop loss at 1.6960.

Move the stop loss to break even when the price reaches 1.6870.

Remove 75% of the position as profit at 1.6870 and leave the remainder of the position to ride.

GBP/USD Analysis

As I write the price is breaking out bullishly from the triangle, which can be seen in the chart below. If it holds up this will be a bullish sign, however note that there is the old broken bullish trend line ahead which is likely to act as resistance, at least before the New York session. There are no major news releases due before the New York session so it likely nothing dramatic will happen before then. However if the USD-related news is bad for the USD, it is possible that we may spike up to 1.6914 which should give an excellent short touch trade.

Below us there is a key support level at 1.6684 that should be much more reliable than the triangle’s lower trend line.

I am shifting my bias to neutral, at least over the coming few days.

GBPUSD Signal 61214

There are no high-impact news events scheduled for today concerning the GBP. Regarding the USD, at 1:30pm London time there will be data releases for Retail Sales, Core Retail Sales, and Unemployment Claims. It will probably be a quiet morning until the New York session when volatility is likely to spike or increase with the news releases.

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