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GBP/USD Forex Signal - 29 January 2015

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 as the price never reached 1.5033.

Today’s GBP/USD Signals

Risk 0.75%

Trades may only be taken before 5pm London time.

Long Trade 1

  • Go long after bullish price action on the H1 time frame immediately following the next touch of 1.5033.

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

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

  • Take off 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

There is little change from yesterday in this pair, despite the FOMC announcement yesterday giving a little strength to the USD and moving this pair down a fair bit.

The potential support is still there at 1.5033 but we have some way to go to get there yet.

This remains a very difficult pair to trade, the action is relatively choppy and uncertain.

Overall the action seems to suggest we will be more likely to have a move down than up during initial London trading. There are no high-impact news items to get in the way or throw the price around due before the New York open.

GBPUSD 12915

There are no high-impact data releases scheduled today concerning the GBP, but there is one regarding the USD. At 1:30pm London time there will be a release of Unemployment Claims data.

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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