GBP/USD Forex Signal - 10 February 2015

GBP/USD Signals Update

Yesterday’s signal was not triggered as the price never reached the broken trend line shown in yesterday’s chart.

Today’s GBP/USD Signals

Risk 0.75% per trade.

Trades must be entered before 5pm London time today.

 

Long Trade 1

  • Go long after bullish price action on the H1 time frame immediately following the next touch of the broken bullish trend line shown on the chart below which is currently sitting just above 1.5170.

  • Place 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.

  • Take off 50% of the position as profit when the trade is 25 pips in profit and leave the remainder of the position to ride.

 

Long Trade 2

  • Go long after bullish price action on the H1 time frame immediately following the next touch of 1.5096.

  • Place 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.

  • Take off 50% of the position as profit when the trade is 25 pips in profit and leave the remainder of the position to ride.

GBP/USD Analysis

As anticipated in yesterday’s forecast, it was a quiet day. Today will probably be more volatile as we have some key U.K. data due this morning that could impact sentiment about the GBP. Technically, there are no changes from yesterday. The best opportunities remain potential long trades, either from a bullish bounce off a retest of the broken trend line below the current price, or from flipped resistance to support close to the whole number at 1.5100.

GBPUSD 21015

There are no high-impact data releases scheduled for later today concerning the USD. Regarding the GBP, there will be a release of U.K. Manufacturing Production data at 9:30am London time. Therefore it is likely that the London session will be more active than the later New York session today.

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.