Mastering Forex GBPUSD Pair webinar
were technically not triggered, although the bullish move did base at the support level of 1.2840 when it happened.
Trades must be taken between 8am and 5pm London time today only. Gbp/usd Price Today
Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.2934.
Place 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.
Remove50% of the position as profit when the price reaches 25 pips in profit and leave the remainder of the position to run.
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.2862, 1.2780 Gbp/usd Price Today , 1.2820, 1.2780, or 1.2755.
Place 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.
Remove 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
I noted yesterday that although the pair is in a long-term bearish trend, the bunched support levels below the current price were likely to hold the price up over the short-term. This is what happened, and there was even an upwards movement, but this was all caused by a strong Euro dragging the Pound up rather than by anything to do with the Pound itself.
There is no real change from yesterday’s situation, except we see a higher new support level at 1.2862. If the price tests and rejects that level from above as London opens, I would take a bullish bias today up to 1.2934.
There is nothing important due today concerning either the GBP or the USD.
Adam is a Forex trader who has worked within financial markets for over 12 years, including 6 years with Merrill Lynch. He is certified in Fund Management and Investment Management by the U.K. Chartered Institute for Securities & Investment.Learn more from Adam in his free lessons at
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