GBP/USD Signals Update
Last Thursday’s signals were not triggered.
Today’s GBP/USD Signals
Risk 0.75% per trade.
Trades may only be entered before 5pm London time today.
Long Trades
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Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.3227.
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Place the stop loss 1 pip below the local swing low.
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Move the stop loss to break even once the trade is 25 pips in profit.
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Take off 50% of the position as profit when the price reaches 25 pips in profit and leave the remainder of the position to ride.
Short Trades
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Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.3541.
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Place the stop loss 1 pip above the local swing high.
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Move the stop loss to break even once the trade is 25 pips in profit.
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Take off 50% of the position as profit when the price reaches 25 pips in profit and leave the remainder of the position to ride.
GBP/USD Analysis
Britain voted to exit the European Union last Thursday and it seems clear that the result of the vote is going to be honoured. Britain will become a fully independent country but its free trade and movement integration with the E.U. are now up for debate, so the economic consequences for the Pound are uncertain.
All these factors have caused this pair to fall sharply, making new 31 year lows. However the Pound has not collapsed catastrophically as many analysts had expected.
Due to the strong price movements, we have an area of about 310 pips within which the current price lies where it is impossible to judge where probable support and resistance levels might lie.
There is nothing due concerning either the GBP or the USD.
