(MENAFN- Daily Forex) Last Thursday'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 may only be taken before 5pm London time today.
Short Trade
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Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of the upper channel trend line shown in the price chart below which currently sits at about 1.2795.
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Put 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.
Long Trade
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Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.2616.
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Put 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.
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 last Thursday that I remained bearish on this pair and would take a bearish bias at a strong break below the price channel shown in the chart below, or at a clear bearish reversal at the upper channel trend line. Neither of these scenarios played out, but my generally bearish bias remains justified as the British government seems to be heading for a defeat in the Parliamentary vote on the Brexit deal scheduled for Tuesday. The Pound remains volatile, and very vulnerable to sharp movement on any unpredictable political events. However, I think it will generally continue to decline, and fall to new lows when the government loses the Parliamentary vote tomorrow. Rallies to the top of the price channel shown in the chart below can probably be sold for short-term trades in the meantime. I would take an immediate bearish bias if the price rejects the top of the channel later. 
There is nothing important due today concerning the USD. Regarding the GBP, there will be a release of GDP and Manufacturing Production data at 9:30am London time.
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