Table of Contents
Affiliate Disclosure
Affiliate Disclosure DailyForex.com adheres to strict guidelines to preserve editorial integrity to help you make decisions with confidence. Some of the reviews and content we feature on this site are supported by affiliate partnerships from which this website may receive money. This may impact how, where and which companies / services we review and write about. Our team of experts work to continually re-evaluate the reviews and information we provide on all the top Forex / CFD brokerages featured here. Our research focuses heavily on the broker’s custody of client deposits and the breadth of its client offering. Safety is evaluated by quality and length of the broker's track record, plus the scope of regulatory standing. Major factors in determining the quality of a broker’s offer include the cost of trading, the range of instruments available to trade, and general ease of use regarding execution and market information.

GBP/USD Forex Signal- June 26, 2014

GBP/USD Signal Update

Yesterday’s signal expired without being triggered as the price never hit 1.6914.

Today’s GBP/USD Signal

Risk 0.75%.

Entry must be made before 5pm London time today.

Long Trade 1

Go long following bullish price action on the H1 time frame after the first touch of 1.6914.

Put a stop loss 1 pip below the local swing low.

Adjust the stop loss to break even when the price reaches 1.6990.

Remove 75% of the position as profit at 1.6990 and leave the remainder of the position to ride.

GBP/USD Analysis

Yesterday was a quiet and insignificant day, we printed a doji on the GMT daily chart that opened and closed exactly in its middle, and we did not hit any key support or resistance levels. Yesterday does not really add anything new to the story.

We did spike up following the poor USD news to reach the 1.7000 level which seems to have flipped from support to resistance. If we had no news due today this might have been a good level at which to look for short scalps if you like to scalp, but we have key events due today that should make the pair more volatile than it was yesterday. As the 1.7000 level has been touched a lot during the past week or so, and as the resistance above that is somewhat unclear, I am not looking for any short trades right now.

There is still a key flipped support level below us at 1.6914. It is also quite confluent today with the very old, long-term bullish trend line. We are some way away from there but it might stop a sudden spike down. In spite of that, it will probably be best traded if confirmed by a bullish price action reversal.

GBPUSD 62614

The Governor of the Bank of England will be speaking at 10:30am London time, which is likely to affect the GBP. Later at 1:30pm there will be a release of US Unemployment Claims data, which may affect the USD.

Adam Lemon
About 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.

Most Visited Forex Broker Reviews