GBP/USD Forex Signal

11 January 2017 9:10:44 AM

By: DailyForex.com

GBP/USD Signal Update

Yesterday’s signals were not triggered as none of the key levels were ever 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

  • Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.2100.

  • 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.

  • 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

  • Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.2212 or 1.2247.

  • 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.

  • 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.

 

The best method to identify a classic “price action reversal” is for an hourly candle to close, such as a pin bar, a doji, an outside or even just an engulfing candle with a higher close. You can exploit these levels or zones by watching the price action that occurs at the given levels.

GBP/USD Analysis

Yesterday the price looked as if it was poised to fall further, but it did not. Instead, the price has remained near its lows but within a tight range. It is hard to predict what is most likely to happen next, but the picture still looks more bearish than bullish.GBPUSD

Regarding the GBP, there will be a release of Manufacturing Production data at 9:30am London time. Concerning the USD, there will be a release of Crude Oil Inventories data at 3:30pm.

Adam is a Forex trader who has worked within financial markets for over 12 years, including 6 years with Merrill Lynch. He is certified in Fund Management and Investment Management by the U.K. Chartered Institute for Securities & Investment. Learn more from Adam in his free lessons at FX Academy.

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