GBP/USD Forex Signal - 13 November 2014

GBP/USD Signals Update

Yesterday’s signal was not triggered and expired as the price never hit 1.6036.

Today’s GBP/USD Signals

  • Risk 0.75%

  • Trades must be made before 5pm London time.

 

Long Trade

  • Long entry following bullish price action on the H1 time frame once the price has first touched the level at 1.5750.

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

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

  • Remove 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

The pair moved down quite strongly yesterday as news was released which the market saw as impacting negatively on the GBP. We are now just a few pips above the crucial support level of 1.5750 that I mentioned yesterday. We are very far from the flipped resistance that we printed yesterday at around 1.5950, so we can really today only look to the 1.5750 level. Although this pair looks very bearish, in the short-term a bounce up off that psychologically key level looks like a good bet, if it is confirmed by bullish price action there. A pin bar over the hour following the London open would be ideal.

GBPUSD 111314

There are no high-impact news releases scheduled today that are likely to affect the GBP. Regarding the USD, there will be a release of Unemployment Claims data at 1:30pm London time.

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.