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GBP/USD Forex Signal - 16 November 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

Last Thursday’s signals expired without being triggered as none of the key levels were reached that day.

 

Today’s GBP/USD Signals

Risk 0.75% per trade.

Trades may only be taken between 8am and 5pm London time today.

 

Long Trade 1

* Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.5178.

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

* Move 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 remainder of the position to run.

 

Long Trade 2

* Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.5133.

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

* Move 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 remainder of the position to run.

 

Short Trade 1

* Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.5248.

* Put the stop loss 1 pip above the local swing high.

* Move 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 25 pips in profit and leave the remainder of the position to run.

 

GBP/USD Analysis

This pair is very flat over the short term, with the price just sitting within the narrow band bordered by support at 1.5178 and resistance at 1.5248. I think that the resistance will probably win when the price finally leaves this range, with a move down to 1.5133 as the most probable eventuality. Nevertheless as today is a Monday without news it might be that the price really goes nowhere today.

GBPUSD

There is nothing due today concerning either the GBP or the USD.

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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