GBP/USD Signal Today 16/07: Retracement Near $1.3000 (Chart)
Date
7/17/2024 3:31:51 AM
(MENAFN- Daily Forex) My previous GBP/USD signal on 9th
July
was not triggered, as unfortunately the bullish rejection of $1.2777 did not complete before the London close's GBP/USD Signals
Risk 0.75%. Trades must be taken prior 5pm London time Wednesday.
Long Trade Ideas
Go long following a bullish price action reversal on the H1 timeframe immediately upon the next touch of $1.2925, $1.2881, or $1.2836. 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 run.
Short Trade Ideas
Go short following a bearish price action reversal on the H1 timeframe immediately upon the next touch of $1.3049 or $1.3126. 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 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 in my previous
GBP/USD prediction
one week ago that the technical picture had become much more bullish, with the price threatening to make a bullish breakout to a new 3-month high.
This was a good and accurate call, as was me looking to buy any bullish bounce at the nearest support level of $1.2777.
The price continued to rise over the week to make a new 11-month high not far from the big round number at $1.3000. However, as the Dollar has regained some strength, the price has begun to make a natural bearish retracement, invalidating some support, indicating a further fall to the next support level at $1.2925 is likely.
If we get a bullish bounce at $1.2925 later, this could be a good long trade entry, but I prefer to wait for a bullish close above the round number at $1.3000 before entering any new long trade in this currency pair.
There is nothing of high importance scheduled today concerning the GBP. Regarding the USD, there will be a release of Retail Sales data at 1:30pm London time.
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