GBP/USD Forex Signal - 5 November 2015

GBP/USD Signals Update

Yesterday’s signals were not triggered as there was no bullish price action at 1.5364 until after London closed.

Today’s GBP/USD Signals

Risk 0.75% per trade.

Trades must be entered before 5pm London time today only.

 

Long Trade 1

  • Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.5364.

  • Place 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 trade is 25 pips in profit and leave the remainder of the position to ride.

 

Long Trade 2

  • Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.5217.

  • Place 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 trade is 25 pips in profit and leave the remainder of the position to ride.

 

Short Trade 1

  • Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch 1.5500.

  • Place the stop loss 1 pip above the local swing high.

  • 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 25 pips in profit and leave the remainder of the position to ride.

 

Short Trade 2

  • Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch 1.5557.

  • Place the stop loss 1 pip above the local swing high.

  • 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 25 pips in profit and leave the remainder of the position to ride.

GBP/USD Analysis

The USD strengthened and secured a bullish market sentiment yesterday, but this pair remained largely flat as the market awaits the Bank of England’s monthly reports that will affect the GBP later today. Anything could happen but as the pair has been mainly ranging for a while there are probably large buy order sitting just below 1.5250 and large sell orders just below 1.5500.

GBPUSD

Concerning the GBP, there will be a release of the Bank of England Inflation Report, Monetary Policy Summary, Official Bank Rate and Votes at Noon London time, followed by the Governor of the Bank speaking 45 minutes later. Regarding the USD, there will be a release of Unemployment Claims data at 1:30pm.

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.