GBP/USD Forex signal - 22 April 2015

GBP/USD Signals Update

Yesterday’s signal was not triggered as the price never reached 1.4802.

Today’s GBP/USD Signals

Risk 0.75% per trade.

Trades may only be made before 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 1.4878.

• 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 price reaches 1.4875 and leave the remainder of the position to ride.

Short Trade 1

• Short entry following a bearish price action reversal on the H1 time frame immediately upon the next entry into the zone from 1.4981 to 1.5050

• 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.

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

GBP/USD Analysis

Early yesterday it had looked as though the price broke below the key level of 1.4878, but it subsequently turned around and rose from there, and is now approaching key resistance at 1.4981. There is a wide resistant zone above here stretching all the way up to 1.5050.

GBP/USD Analysis

There are no high-impact events scheduled today concerning the USD. Regarding the GBP, there will be a release of the MPC Official Bank Rate Votes data at 9:30am 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.