GBP/USD Forex Signal - 30 August 2016

GBP/USD Signals Update

Yesterday’s signals were not triggered as there was no bullish price action when the price reached 1.3082.

Today’s GBP/USD Signals

Risk 0.75% per trade.

Trades may only be entered before 5pm New York time today.

 

Long Trades

  • Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.3031 or 1.2996.

  • 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.

  • 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 1

  • Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.3162.

  • 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.

  • 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 push down has slowed down but is still ongoing, and as this pair is also in a long-term bearish trend, trading this pair short looks to be the best opportunity available in day trading the Forex market today.

Of course, there is yesterday’s low around 1.3060 that may hold and act as a double bottom, driving price up against the long-term trend, so that is something to watch out for.GBPUSD

There is nothing due today concerning the GBP. Regarding the USD, there will be a release of CB Consumer Confidence data at 3pm 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.