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GBP/USD Forex Signal - 19 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 prior to 5pm London time.

Risk should be taken off any open trades before 6:30pm London time.

 

Short Trade

Go short following bearish price action on the H1 time frame once the price has first touched 1.5789.

Put 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 off 50% of the position as profit when the trade is 25 pips in profit and leave the remainder of the position to run.

GBP/USD Analysis

This pair was again fairly quiet yesterday. The late Asian session has just seen a move up off some minor, local round number support at 1.5600, which is somewhat suggestive that a move up will occur during the London session, which is just beginning at the time of writing, if we can break soon above the 1.5625 level. There is a major news release due this morning but it is very unlikely to provide any surprises.

Unfortunately there are no good key flipping support or resistance levels anywhere nearby before 1.5789. There is practically no chance that we will hit this level before the FOMC statement is released tonight after the London close.

GBPUSD 111914

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. Asset Purchase Facility and Official Bid Rate Voting data, which is likely to affect the GBP. Regarding the USD, there will be a release of Building Permits data at 1:30pm London time followed later by a release of the FOMC Meeting Minutes at 7pm.

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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