Yesterday’s signals were not triggered as there was no bearish price action at 1.2923.

Today’s GBP/USD Signals

Risk 0.75% per trade.

Trades must be entered before 5pm London time today only.

Long Trade

  • Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.2828.

  • Put the stop loss 1 pip below the local swing low.

  • Adjust the stop loss to break even once the trade is 25 pips in profit.

  • 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 Trade

  • Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.3000.

  • Put the stop loss 1 pip above the local swing high.

  • Adjust the stop loss to break even once the trade is 25 pips in profit.

  • 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.

The best method to identify a classic “price action reversal” is for an hourly candle to close, such as a pin bar, a doji, an outside or even just an engulfing candle with a higher close. You can exploit these levels or zones by watching the price action that occurs at the given levels.

GBP/USD Analysis

I wrote yesterday there should still be some medium-term bearish pressure weighing the price down, but if the price could get established above 1.2923 as the London session got underway, that would be a mildly bullish sign. It was likely to be the day’s pivotal level. That wasn’t a bad call as the price spiked above it but immediately reversed back below, and then continued to move down, o the level was pivotal.

The medium-term bearish trend continues, and the Pound is now looking weaker than the Euro, which is a bearish sign for this pair. I see the support at 1.2828 as likely to be the pivotal level today and would take a bearish bias if the price trades below it for a couple of hours.

gbpusd

There is nothing of high importance due today regarding the GBP. Concerning the USD, there will be releases of Retail Sales and PPI data at 1:30pm London time.

Analysis feed

Latest Forex Analysis

Editors’ Picks

EUR/USD modestly up for the day, still below 1.0900

The EUR/USD pair is trading marginally higher at the end of Wednesday, as panic eased. Nevertheless, concerns about the coronavirus possible effects on economic growth keep investors in cautious mode.

EUR/USD News

AUD/USD at fresh multi-year lows and at risk of falling further

The Aussie remains among the weakest currencies in the FX sphere, amid Australian economic tights with China. AUD/USD trading at an over one-decade low in the 0.6550 price zone.

AUD/USD News

Crypto Today: Bitcoin bears force devastating break of $9000

BTC/USD is currently trading at $8740 (-6.50%), the bears have smashed the big $9000 mark to the downside. 

Read more

Gold surrenders early gains, refreshes session low around $1630 region

Gold surrendered its early modest gains and has now drifted into the negative territory, refreshing session lows around the $1634-335 region.

Gold News

FXStreet launches Real-Time Trading Signals

FXStreet Signals offers access to explanatory live webinars, real-time notifications when signals are triggered and exclusive membership to the company’s Telegram group, where users get direct guidance by our analysts and get room to discuss and interact.

More info

Forex Majors

Cryptocurrencies

Signatures