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GBP/USD Forex Signal- July 1, 2014


GBP/USD Signal Update

Yesterday’s signal was not triggered as the price never reached 1.6914.

Today’s GBP/USD Signal

Risk 0.75%.

Entry may only be made between 8am and 5pm London time today.

Long Trade 1

Go long following bullish price action on the H1 time frame after the first touch of 1.7048.

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

Move the stop loss to break even when the price reaches 1.7095.

Take off 75% of the position as profit at 1.7095 and leave the remainder of the position to run.

GBP/USD Analysis

I was correct yesterday in not looking to short at the resistance zone I had identified from 1.7041 to 1.7062, but I was wrong that any upwards breakout past this zone would not happen during the day. We did get a breakout, exceeding 1.7100 at one point. I had thought a temporary pull back downwards was the likeliest short-term move.

The upwards move stalled last night just short of a couple of intersecting long-term upper channel trend lines. In fact, this was a near 6 year high, so it is a little difficult to pick good resistance levels up here! I do not see any good levels below 1.7400, although 1.7250 is likely to be a key psychological number. There is no reason why all other things being equal, the bullishness might not continue for at least a few more hundred pips.

Despite the channel trend lines I am not looking for any short trades, but will be seeking to go long at a pull back to the 1.7048 which has recently acted as a swing high twice before yesterday’s breakout. There is a good chance it will act as support now, but that will need to be confirmed by bullish price action if and when we get there.


At 9:30am London time there will be a release of UK Manufacturing PMI data that may affect the GBP. Later at 3pm London time there will be a release of ISM Manufacturing PMI data, which may affect the USD. Therefore it is quite likely the pair will continue to be active, as it was yesterday.

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.


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