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GBP/USD Forex Signal- Sept. 10, 2014

GBP/USD Signals Update

Yesterday’s Short Trade 1 signal was triggered off a touch of 1.6142, took 50% of profit at 1.6100 and the remainder was stopped out at breakeven. So overall it was a break even trade.

Today’s GBP/USD Signals

Short Trade 1

Short entry following the first strong lower high on a shorter time frame after the first touch of 1.6233.

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

Move the stop loss to break even when the price reaches 1.6187.

Take off 50% of the position as profit at 1.6187, and then leave the rest of the position to run.

Short Trade 2

Short entry following bearish price action on the H1 time frame after the first touch of 1.6250.

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

Move the stop loss to break even when the price reaches 1.6200.

Take off 50% of the position as profit at 1.6200, and then leave the rest of the position to run.

GBP/USD Analysis

Yesterday we remained stuck within the areas of support and resistance that I identified at 1.6142 and 1.6068. The support held which is a bullish sign, and this bullishness will be confirmed if we can now break properly above 1.6142. As both of these levels are somewhat used and as the long-term trend is bearish, I prefer to wait for a pull back to the 1.6233 area before looking to go short. My colleague Christopher Lewis prefers to wait for 1.6250.

GBPUSD 91014

There are no high-impact data releases scheduled today concerning the USD. There are Inflation Report Hearings concerning the GBP at 2:45pm London time. Therefore it is likely to be quiet until after New York opens.

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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