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GBP/USD Forex Signal - 24 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

There is no outstanding signal from last Thursday’s analysis.

Today’s GBP/USD Signals

  • Risk 0.75%

  • Trades must be made before 5pm London time.

Short Trade 1

  • Go short following bearish price action on the H1 time frame immediately following the next touch of 1.5720.

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

  • Adjust the stop loss to break even once the trade is 20 pips in profit.

  • Remove 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to ride.

 

Long Trade 1

  • Go long following bullish price action on the H1 time frame immediately following the next touch of 1.5591.

  • Put the stop loss 1 pip below the local swing low.

  • Adjust the stop loss to break even once the trade is 20 pips in profit.

  • Remove 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to ride.

GBP/USD Analysis

This pair is still well within a long-term downwards trend, but is now stuck in a range between 1.5591 and 1.5720. The support is in an area that has been resistance so, in conjunction with the double bottom that we have at around 1.5600, may prove to be strong enough to launch this pair upwards at least for a while. Conversely, we have a double top at 1.5720, but this looks weaker. The inflection point above that at 1.5789 might prove to be more strongly resistance, especially if we spike up there.

As there is an absence of important news events scheduled for today, the nearest support and resistance levels are likely to hold during today’s London session.

GBPUSD 112414

There are no high-impact news releases scheduled today that will directly affect either the GBP or the USD. Therefore it is likely to be a quiet day today for this pair.

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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