GBP/USD Forex Signal - 9 December 2015

GBP/USD Signals Update

Yesterday’s signals were not triggered as there was no bullish price action at 1.5000.

Today’s GBP/USD Signals

Risk 0.75% per trade.

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

 

Long Trade 1

* Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.4957.

* 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 trade is 25 pips in profit and leave the remainder of the position to run.

 

Long Trade 2

* Long entry following a bullish price action reversal on the H1 time frame immediately upon the next entry into the zone between 1.4900 and 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 trade is 25 pips in profit and leave the remainder of the position to run.

 

Short Trade 1

* Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.5158.

* 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.

* Remove 50% of the position as profit when the price reaches 25 pips in profit and leave the remainder of the position to run.

 

GBP/USD Analysis

I was wrong about 1.5000 being supportive yesterday, although it did halt the price decline for an hour or so. We can now discard this level as it has been messed around too much. It can be seen that the low of yesterday from which there was a meaningful bullish reversal was also a retracement point, so we can draw new support at 1.4957.

There is little on the agenda today although the price has been moving up since London opened. There may be minor resistance at 1.5060 and 1.5100.GBPUSD

There is nothing due today regarding the USD or the GBP

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.