GBP/USD Forex Signal - 24 June 2015

GBP/USD Signals Update

Yesterday’s signals expired without being triggered as there was no bullish price action at 1.5753.

Today’s GBP/USD Signals

Risk 0.75% per trade.

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

 

Long Trade 1

  • Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.5700.

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

  • Adjust the stop loss to break even once the trade is 25 pips in profit.

  • Take off 50% of the position as profit when the price reaches 1.5790 and leave the remainder of the position to run.

 

Short Trade 1

  • Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.5803.

  • Place 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 1.5730 and leave the remainder of the position to run.

 

Short Trade 2

  • Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.5850.

  • Place 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 1.5805 and leave the remainder of the position to run.

GBP/USD Analysis

The pair fell yesterday as the USD strengthened, but the GBP held up far better than the Euro and is currently recovering, suggesting that this pair will remain well positioned to rise at a time of any weakness in the USD.

Key support at the psychologically key 1.5750 was taken out, but the support at 1.5700 remains.

The price is currently struggling to break up above 1.5800 as London opens. It if cannot break up fairly quickly past this level, it is likely to fall, so we should get an early clue as to today’s probably direction.

GBPUSD 62415

There are no high-impact events scheduled today for the GBP. Regarding the USD, there will be a release of Final GDP 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.