GBP/USD Forex Signal - 8 September 2016

GBP/USD Signals Update

Yesterday’s signals were not triggered as there was no bullish price action at either of the key support levels which were reached.

 

Today’s GBP/USD Signals

Risk 0.75% per trade.

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

 

Long Trade 1

* Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.3256.

* 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 Trades

* Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.3478 or 1.3534.

* 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

This pair fell yesterday, not only because the USD recovered some ground but also because the Pound was weak after its recent bullish run.

There may be a loss of direction now but I don’t see any real strong bearish impulse, so the short-term trend can still be said to be bullish.

It looks as if it may be a quiet market at least until the New York open.GBPUSD

There is nothing due today concerning the GBP. Regarding USD, there will be a release of Unemployment Claims data at 1:30pm London time, followed by Crude Oil Inventories at 4pm.

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.