Yesterday's signals were not triggered, as none of the key levels were ever reached.

Today's GBP/USD Signals

Risk 0.75% per trade.

Trades must be entered before 5pm London time today.

Long Trades

  • Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.2877 or 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 that due to the partly ambiguous trend lines between about 1.2950 and 1.3000 although we had a short-term bullishness, it was difficult to see the price as able to rise much further. This was a good call as over a quiet day, the closest trend line was able to hold the price down.

There is no change to the technical picture due to the trend lines holding and the market remains relatively quiet. We may see movement due to U.K. data and any possible political developments there over Brexit.

Technically, it can be argued that there is a medium-term bearish trend: the line of least resistance is certainly down, so negative Brexit news is likely to have the greatest price impact if it happens.

GBPUSD

There is nothing of high importance due today regarding the USD. Concerning the GBP, there will be a release of Average Earnings Index data at 9:30am London time

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