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GBP/USD Forex Signal- July 3, 2014

GBP/USD Signal Update

Yesterday’s signal was not triggered and expired.

Today’s GBP/USD Signal

Risk 0.75%.

An entry may only be made between 2pm 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 1.7090.

Take off 75% of the position as profit at 1.7090 and leave the remainder of the position to run.

GBP/USD Analysis

Following extreme bullishness in this pair, we made yet another multi-year high yesterday, but did not really get any kind of good pull back to an obviously supportive level for a decent long entry. As expected, it was a relatively quiet day. We did not even get back to 1.7100 which I wrote yesterday might have been supportive. This leaves the level at 1.7048 as a zone at which to look for a long trade. We might reach this today following the very high-impact USD news releases that are due shortly after the start of the New York session.

It might be that the broken upper channel trend line could now act as support but we are really too close to both it and the major news releases for this to be of any use today. There are no obvious natural obstacles ahead of us until the key psychological number of 1.7250.

Today I am only looking for a long following a pull back to 1.7048.

GBPUSD 7314

At 09:30 London time there will be a release of UK Services PMI data, which may affect the GBP. Later this will be followed by the US Non-Farm Employment Change, Unemployment Rate, Unemployment Claims, and Trade Balance data at 1pm. Then at 3pm there will be the US ISM Non-Manufacturing PMI. It is likely that from the time of the US data releases, the pair will be extremely volatile.

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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