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GBP/USD Forex Signal - 16 April 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 was not quite triggered as the level was not quite reached but the level was extremely close to the low of the day.

Today’s GBP/USD Signals

Risk 0.75% per trade.

Trades must be made only between 8am and 5pm London time.

 

Long Trade 1

  • Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.4800.

  • Place 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.

  • Take off 50% of the position as profit when the price reaches 1.4900 and leave the remainder of the position to run.

 

Short Trade 1

  • Go short following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.4981.

  • Place 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 price reaches 1.4900 and leave the remainder of the position to run.

GBP/USD Analysis

Yesterday saw this pair behave bullishly, as it bounced off a supportive area close to 1.4700 before breaking resistance at 1.4800. The price has not yet returned to 1.4800, and it may well be that this place has flipped from resistance to support, so it can be used as a launching pad for a long trade today.

Above there is the old and very strong resistance at 1.4981 up to the key psychological area at 1.5000.

The USD has lost a lot of its strength and the GBP is coming up against it with surprisingly strong bullishness.

GBPUSD 41615

There are high-impact events scheduled today concerning the USD but not the GBP. At 1:30pm London time there will be a release of Building Permits and Unemployment Claims data, followed later at 3pm by the Philly Fed Manufacturing Index.

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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