GBP/USD Forex Signal - 9 June 2016

GBP/USD Signals Update

Yesterday’s signals were not triggered.

Today’s GBP/USD Signals

Risk 0.75% per trade.

Trades must be taken between 8am and 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 1.4436.

  • 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.

  • Remove 50% of the position as profit when the price reaches 25 pips in profit 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 1.4648.

  • Put 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.

  • 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

Yesterday I wrote the following which still applies:

“This pair is still behaving quite weirdly and erratically. It is essentially trendless and subject to strange fluctuations based largely upon political developments in the U.K. which will be voting on whether to withdraw from the European Union on 23rd June. This pair is probably best avoided over the short-term.”

If you are determined to trade this pair, in addition to the support and resistance identified above, note the area from about 1.4500 to 1.4480 seems to be becoming supportive as well.

GBPUSD

There is nothing due today concerning the GBP. Regarding the USD, there will be a release of Unemployment Claims 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.