GBP/USD Signal Today 28/11: Driven by USD Weakness
Today’s signal for GBP/USD is influenced by USD weakness, presenting an opportunity for traders to enter the market based on specific price levels.
GBP/USD Signals
Risk 0.75%. Trades must be completed before 5 pm London time on Thursday.
Long Trade Ideas
Go long following a bullish price action reversal on the H1 timeframe at the next touch of $1.2650, $1.2619, or $1.2609.
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.
Take 50% of the position as profit when the price reaches 25 pips in profit and let the rest run.
Short Trade Idea
Go short following a bearish price action reversal on the H1 timeframe at the next touch of $1.2720.
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.
Take 50% of the position as profit when the price reaches 25 pips in profit and let the rest run.
The most effective way to identify a classic price action reversal is by observing an hourly candle close, such as a pin bar, a doji, or an engulfing candle.
GBP/USD Analysis
The recent USD weakness has provided an opportunity for traders to capitalize on a potential bullish breakout in the GBP/USD pair.
Although the long-term trend in the US Dollar remains bullish, short-term traders can consider a long trade based on support levels.
Trading activity may be limited due to the US public holiday, so early trades are recommended.
No major economic events are scheduled for today affecting GBP or USD.
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Source : www.dailyforex.com