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GBP/USD Forex Signal- July 2, 2014

 

GBP/USD Signal Update

Yesterday’s signal expired without being triggered.

Today’s GBP/USD Signal

Risk 0.75%.

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

Long Trade 1

Long entry following bullish price action on the H1 time frame after the first touch of 1.7048.

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

Adjust the stop loss to break even when the price reaches 1.7090.

Remove 75% of the position as profit at 1.7090 and leave the remainder of the position to ride.

GBP/USD Analysis

As expected, we made a new high yesterday, but did not really get any kind of reasonable pull back that would have given a decent long entry. The short-term consolidation around the round number at 1.7100 may prove to be supportive if we pull back there, but I really prefer the level at 1.7048 as a zone at which to look for a long trade.

We have broken the upper channel trend line and it seems likely there will be no natural obstacles ahead of us before the key psychological number of 1.7250.

Although we have room to move up and made another 6 year high yesterday, we have highly important US data due tomorrow, it might well be a fairly quiet day today with little movement.

GBPUSD 7214

At 9:30am London time there will be a release of UK Construction PMI data that may affect the GBP. Later at 1:15pm there will be a release of the ADP Non-Farm Employment Change, which may affect the USD. Therefore the pair today should be at least somewhat active.

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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