GBP/USD Signal Update
Yesterday’s signals were not triggered as none of the key levels were reached during the London session.
Today’s GBP/USD Signals
Risk 0.75% per trade.
Trades must be entered before 5pm London time today only.
Long Trades
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Go long following a convincing bullish price action reversal on the H1 time frame immediately upon the next touch of 1.2355 or 1.2280.
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Place the stop loss 1 pip above the local swing high.
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Adjust the stop loss to break even once the trade is 25 pips in profit.
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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 Trade 1
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Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.2600.
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Place the stop loss 1 pip above the local swing high.
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Adjust the stop loss to break even once the trade is 25 pips in profit.
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Remove 50% of the position as profit when the price reaches 25 pips in profit and leave the remainder of the position to run.
GBP/USD Analysis
Donald Trump has pulled off a huge political upset victory and is being elected as the next President of the United States.
This has created great market turmoil, with stocks, the U.S. Dollar and risk assets generally falling sharply, while havens and the Euro have risen sharply. Note that the U.S. Dollar is falling less than risk assets.
This has made this pair rise, but not be an awful lot. It is still within its long-term range and may be beginning to stabilize already. Although the volatility is not the biggest, it still looks more likely to rise than fall.
As stunning upsets such as this tend to move markets for more than just a few hours, long trades are probably going to remain the best opportunity for today, but be careful as volatility is high. Whole and half numbers might be important and there could be new support forming at 1.2450 right now.
