SIGNAL FOREX

GBP/USD Forex Signal: Relatively Quiet – DailyForex.com


GBP/USD: Pound not in market’s focus

Yesterday’s signals were not triggered as there was no bullish price action at 1.3101.

Today’s GBP/USD Signals

Risk 0.75% per trade.

Trades must be taken between 8am and 5pm London time today only.

Short Trade Ideas

  • Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.3305 or 1.3379.
  • 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 20 pips in profit and leave the remainder of the position to run.

Long Trade Ideas

  • Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.2983 or 1.2967.
  • 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 20 pips in profit and leave the remainder of the position to run.

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.

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GBP/USD Analysis

I wrote yesterday that although it made sense to look for long trades here, the Pound has no long-term strength. Luckily the support level which was hit did not hold, so no long trade signal was produced, which was just as well as the price has dropped.

The recent high level of volatility has opened up a zone between about 1.3000 and 1.3200 with no obvious support or resistance levels. For this reason, I think that we are likely to see a choppy and volatile consolidation within this area, as the USD has recovered and European currencies look uncertain as the coronavirus outbreak in Europe has reached a point of serious concern with a total lockdown now in place in all of Italy.

This pair is simply not in the market’s focus now, and it is mostly just mirroring what the EUR/USD currency pair is doing, so I would avoid trading this currency pair today.

GBP/USD

There is nothing of high importance due today regarding either the GBP or the USD.

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