GBP/USD Forex Signal - 24 April 2017

Last Thursday’s signals were not triggered as none of the key levels were reached during that session.

 

Today’s GBP/USD Signals

Risk 0.75% per trade.

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

 

Long Trades

* Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.2772 or 1.2739.

* 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 1.2850 or 1.2610.

* 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

This pair has remained within the area defined by 1.2850 and 1.2772. The bullish breakout of last Tuesday remains significant, making a further upwards movement probable. The pair is in a clear long-term bullish trend, but is looking increasingly likely that it will need to dip below 1.2772 before regaining enough steam to make a successful attempt at breaking above the key resistance at 1.2850.

GBPUSd

There is nothing due today concerning either the GBP or the USD.

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.