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GBP/USD Forex Signal - 7 May 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 signals were triggered with a long trade off a break of an inside hourly candle from the support at 1.5164. This trade made some profit at 1.5225 and is probably worth hanging onto for the remainder just in case the election results push the pound up later. Alternatively, at least until 1.5300.

Today’s GBP/USD Signals

Risk 0.75% per trade.

Trades must be entered before 5pm London time today.

 

Long Trade 1

  • Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.5078.

  • 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.

  • Remove 50% of the position as profit when the price reaches 1.5140 and leave the remainder of the position to ride.

 

Long Trade 2

  • Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.4971.

  • 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.

  • Remove 50% of the position as profit when the price reaches 1.5075 and leave the remainder of the position to ride.

 

Short Trade 1

  • Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.5300.

  • 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.

  • Remove 50% of the position as profit when the price reaches 1.5175 and leave the remainder of the position to ride.

 

Short Trade 2

  • Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.5395.

  • 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.

  • Remove 50% of the position as profit when the price reaches 1.5325 and leave the remainder of the position to ride

GBP/USD Analysis

I was broadly correct yesterday in that this pair did not really rise by much yesterday, but it did rise in line with the bullish bias I had identified, and the support I saw at 1.5174 was good support for a profitable long trade.

We can probably expect more ranging today, with little news, although the USD news later could move the price. However the market will probably wait for more clarity from the U.K. which means the general election result, and this will probably not be known before Friday.

GBPUSD 5715

There will be a release of U.S. Unemployment Claims data at 1:30pm London time.

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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