GBP/USD Forex Signal - 11 November 2014

GBP/USD Signals Update

There is no outstanding signal.

Today’s GBP/USD Signals

  • Risk 0.75%

  • Trades must be made before 5pm London time.

 

Long Trade

  • Go long following bullish price action on the H1 time frame immediately following the next touch of 1.5750.

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

  • Adjust the stop loss to break even once the trade is 30 pips in profit.

  • Remove 50% of the position as profit when the trade is 30 pips in profit and leave the remainder of the position to ride.

GBP/USD Analysis

This pair followed the general trend yesterday and moved down with the widespread strengthening of the USD. We still have not produced any new levels and we have been a long way away from any interesting areas at which to look for really strong support or resistance. However, we are now within reach of the key level of 1.5750 which is a confluence of flipped resistance to support over daily and weekly highs and lows, and an important number psychologically.

There are more local areas of support and resistance that are likely to become relevant before the next key resistance level a long way overhead at 1.6086 is reached. The area at around 1.6025 looks to be quite strongly resistance, and 1.5925 might also be hurdle.

GBPUSD 111114

There are no high-impact news releases scheduled today that are likely to affect either the GBP or the USD. It is a public holiday in the USA.

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.