GBP/USD Forex Signal – 03 December 2019 – 03 December 2019

GBPUSD: Weakly bullish within 1.2750 – 1.3000 range

Fibo Quantum Scalper

Yesterday’s signals were not triggered, as the bullish price action took place a few pips below the support level identified at 1.2903.

Today’s GBP/USD Signals

Risk 0.75% per trade.

Trades may only be entered before 5pm London time today.

Long Trade Ideas

  • Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.2920, 1.2870, or 1.2822.

  • 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.

  • Take off 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 time frame immediately upon the next touch of 1.3041 or 1.3081.

  • 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.

  • Take off 50% of the position as profit when the price reaches 20 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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GBP/USD Analysis

I wrote yesterday that the price was continuing to consolidate. I thought that we were quite likely to see a move down now as we were at the upper side of the range and also because British opinion polls were beginning to tighten, suggesting an inconclusive election outcome is more likely, and that would be negative for the Pound.

This was a fairly good call as the Pound only rose a little despite the Dollar weakness. The price is now close to 1.2950 and is very much challenging the upper end of this range from 1.2750 to about 1.3000. I think the resistance will hold until after the election on 12th December, therefore I would be prepared to take a bearish bias here if we get a firm bearish reversal at or above 1.2950, as the polls continue to show a narrowing lead for the Conservative party, although it should still be enough to give them victory if replicated in the actual voting.GBPUSDThere is nothing of high importance due today concerning either the GBP or the USD.

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