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GBP/USD Forex Signal - 18 November 2014

By Adam Lemon

Adam Lemon began his role at DailyForex in 2013 when he was brought in as an in-house Chief Analyst. Adam trades Forex, stocks and other instruments in his own account. Adam believes that it is very possible for retail traders/investors to secure a positive return over time provided they limit their risks, follow trends, and persevere through short-term losing streaks – provided only reputable brokerages are used. He has previously worked within financial markets over a 12-year period, including 6 years with Merrill Lynch.

GBP/USD Signals Update

Yesterday’s signal expired without being triggered.

Today’s GBP/USD Signals

  • Risk 0.75%

  • Trades must be made before 5pm London time.

 

Short Trade

  • Short entry following bullish price action on the H1 time frame once the price has first touched the level at 1.5789.

  • Place the stop loss 1 pip above the local swing high.

  • Move the stop loss to break even once the trade is 30 pips in profit.

  • Remove 50% of the position as profit when the trade is 30 pips in profit and leave the remainder of the position to ride.

GBP/USD Analysis

This pair was extremely quiet yesterday so there is not really any more analysis to add to the existing picture. There are few clear support or resistance levels anywhere near the current price, with the exception of an untouched supportive inflection point above us at 1.5789, which is likely to provide some resistance.

We will have key news events today from each side of this pair which should create some more volatility. A sudden spike up to 1.5789 could be a good shorting opportunity. Likewise, a spike down below 1.5600 might see a sharp bounce back up.

GBPUSD 111814

There are high-impact news releases scheduled today likely to affect both the GBP and the USD. At 9:30am London time there will be a release of U.K. CPI data, which is likely to affect the EUR. Later at 1:30pm there will a release of U.S. PPI data, which will probably affect the USD.

Adam Lemon
About Adam Lemon

Adam Lemon began his role at DailyForex in 2013 when he was brought in as an in-house Chief Analyst. Adam trades Forex, stocks and other instruments in his own account. Adam believes that it is very possible for retail traders/investors to secure a positive return over time provided they limit their risks, follow trends, and persevere through short-term losing streaks – provided only reputable brokerages are used. He has previously worked within financial markets over a 12-year period, including 6 years with Merrill Lynch.

 

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