GBP/USD Signal Today - 23/07: Bearish Below $1.2950 (Chart)
Date
7/23/2024 11:22:57 PM
(MENAFN- Daily Forex) My previous GBP/USD signal on 16th
July
was not triggered, as none of the key support or resistance levels were reached that day's GBP/USD Signals
Risk 0.75%. Trades may only be entered before 5pm London time Wednesday.
Long Trade Ideas
Long entry following a bullish price action reversal on the H1 timeframe immediately upon the next touch of $1.2881 or $1.2836. Place the stop loss 1 pip below the local swing low. Move the stop loss to break even once the trade is 25 pips in profit. Move 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 Ideas
Short entry following a bearish price action reversal on the H1 timeframe immediately upon the next touch of $1.2950, $1.2980, or $1.3000. Place the stop loss 1 pip above the local swing high. Move the stop loss to break even once the trade is 25 pips in profit. Remove 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.
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I wrote in my previous
GBP/USD prediction
one week ago that a further fall to the next support level at $1.2925 was likely.
I was correct, but not within the timeframe of a one-day forecast.
The technical picture has become more bearish as the price has retreated from its 11-month high over the past week.
We now see the price consolidating between what seems to be a supportive round number at $1.2900 and a key resistance level at $1.2950.
The price action looks bearish, but I am influenced by the fact that the US Dollar Index is still stuck underneath a very significant zone of resistance, so I think the price here is likely to rise soon. However, that might not happen today, because it will probably be a very quiet day in the market in the absence of any major data releases or triggers for change in sentiment. Therefore, I think key support and resistance levels are likely to hold.
I will take scalps from reversals at $1.2950, $1.2900, or $1.2881.
There is nothing of high importance scheduled today concerning either the GBP or the USD.
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