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GBP/USD Forex Signal - 23 December 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 the price did not hit either of the key levels.

Today’s GBP/USD Signals

  • Risk 0.75%

  • Trades must be entered only before 5pm London time.

Short Trade 1

  • Short entry after 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 25 pips in profit.

  • Remove 50% of the position as profit when the trade is 25 pips in profit and leave the remove of the position to run.

 

Long Trade 1

  • Long entry after bullish price action on the H1 time frame immediately following the next touch of 1.5541.

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

  • Adjust the stop loss to break even once the trade is 25 pips in profit.

  • Remove 25% 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

The picture is little unchanged from yesterday. I wrote that the price was in the middle of a range and that the impetus from the first hour of the London open would probably set the direction for the day. This is what happened with a small bearish move taking place.

GBPUSD 122314

There are high-impact data releases scheduled today directly concerning both the GBP and the USD. Regarding the GBP, there will be a release of Current Account data at 9:30am London time. Regarding the USD, at 1:30pm there will be releases of Core Durable Goods Orders and Final GDP data, followed by New Home Sales data at 3pm.

 

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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