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GBP/USD Signal Today - 18/09: Bearish Below $1.3150 (Chart)
(MENAFN- Daily Forex) My previous GBP/USD signal on 9th
September
was not triggered because there was no bullish price action when the support level at $1.3109 was first reached's GBP/USD Signals
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.Top Forex Brokers1 Get Started 74% of retail CFD accounts lose money GBP/USD AnalysisI wrote in my previous
GBP/USD forecast
on 9th
September that the price was likely to drift lower over the day, but would probably find support within the area between $1.3000 and $1.3049 due to the cluster of support levels within that zone. This was a good and accurate call, both for that day, and for the days afterwards, with two major lows being made above $1.3000.We have now seen a selloff from the area of an inflection high below $1.3250 which was reached yesterday.The price is now sitting quite heavily on the support level at $1.3155. This may be the day's pivotal point, at least before the Federal Reserve's policy release later. Price action suggests we will see a bearish breakdown and a small move lower for a while.The main event today will of course be the Fed, which is universally expected to make its first rate cut in 4 years. The question is whether it will be a cut of 0.50% or 0.25%. If it is 0.50%. we can expected upwards movement in the price. If it is 0.25%, we will probably see a more dramatic move, but a bearish one where the US Dollar strengthens quite dramatically.Before the Fed, the best course of action will likely be short scalps based on bearish price action on short-term charts below $1.3150, targeting $1.3111.Concerning the GBP, there will be a release of CPI (inflation) data at 7am London time. Regarding the USD, there will be a release of the Federal Funds Rate, Statement, and Economic Projections at 7pm.Ready to trade our
daily Forex signals ? Here is a list of
the top 10 Forex brokers
in the world worth checking out.
September
was not triggered because there was no bullish price action when the support level at $1.3109 was first reached's GBP/USD Signals
- Risk 0.75%.
- Trades may only be taken before 5pm London time Wednesday.
- Long entry following a bullish price action reversal on the H1 timeframe immediately upon the next touch of $1.3155, $1.3111, or $1.3054.
- 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.
- Remove 50% of the position as profit when the price reaches 25 pips in profit and leave the remainder of the position to run.
- Short entry following a bearish price action reversal on the H1 timeframe immediately upon the next touch of 1.3199, $1.3244, or $1.3316.
- 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 run.
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.Top Forex Brokers1 Get Started 74% of retail CFD accounts lose money GBP/USD AnalysisI wrote in my previous
GBP/USD forecast
on 9th
September that the price was likely to drift lower over the day, but would probably find support within the area between $1.3000 and $1.3049 due to the cluster of support levels within that zone. This was a good and accurate call, both for that day, and for the days afterwards, with two major lows being made above $1.3000.We have now seen a selloff from the area of an inflection high below $1.3250 which was reached yesterday.The price is now sitting quite heavily on the support level at $1.3155. This may be the day's pivotal point, at least before the Federal Reserve's policy release later. Price action suggests we will see a bearish breakdown and a small move lower for a while.The main event today will of course be the Fed, which is universally expected to make its first rate cut in 4 years. The question is whether it will be a cut of 0.50% or 0.25%. If it is 0.50%. we can expected upwards movement in the price. If it is 0.25%, we will probably see a more dramatic move, but a bearish one where the US Dollar strengthens quite dramatically.Before the Fed, the best course of action will likely be short scalps based on bearish price action on short-term charts below $1.3150, targeting $1.3111.Concerning the GBP, there will be a release of CPI (inflation) data at 7am London time. Regarding the USD, there will be a release of the Federal Funds Rate, Statement, and Economic Projections at 7pm.Ready to trade our
daily Forex signals ? Here is a list of
the top 10 Forex brokers
in the world worth checking out.
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