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GBP/USD Forex Signal - 26 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 signals expired without being triggered as although the price did reach 1.5720 during the London session, it did not print sufficiently bearish price action on the H1 chart to justify a short trade..

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 1.5734.

  • 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 run.

 

Short Trade 2

  • Go short following bearish price action on the H1 time frame immediately following the next touch of 1.5789.

  • 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 run.

 

Long Trade 1

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

  • 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.

 

Long Trade 2

  • 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

We saw continuing bullishness yesterday, although the price was not able to really get through the top of the range at around 1.5720. We see now a very slightly ascending triple top at around 1.5734, and an ascending bullish trend line below that is trying to push the pair upwards for a breakout. It looks likely that the next stop will be 1.5789.

GBPUSD 112614

There are high-impact data releases scheduled today that will directly affect both the GBP and the USD. Regarding the GBP, there will be a release of Second Estimate GDP data at 9:30am London time. Regarding the USD, at 1:30pm there will be a release of Core Durable Goods Orders and Unemployment Claims data. Later at 3pm there will be New Homes Sales data released. It is likely to be a volatile day.

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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