GBP/USD Forex Signal - 31 December 2014

Adam Lemon
Adam Lemon
on December 31, 2014 | Updated On Dec 31, 2014

By: DailyForex.com

GBP/USD Signals Update

Yesterday’s signals were not triggered and expired as the price never hit 1.5606.

Today’s GBP/USD Signals

  • Risk 0.75%

  • Trades may only be started between 8am and 5pm London time.

Short Trade 1

  • Short entry after bearish price action on the H1 time frame immediately following the next touch of 1.5606.

  • Put the stop loss 1 pip above the local swing high.

  • Adjust the stop loss to break even once the trade is 20 pips in profit.

  • Remove 50% of the position as profit when the trade is 20 pips in profit and leave the remove of the position to run.

 

Short Trade 2

  • Short entry after bearish price action on the H1 time frame immediately following the next touch of 1.5675.

  • Put the stop loss 1 pip above the local swing high.

  • Adjust the stop loss to break even once the trade is 20 pips in profit.

  • Remove 50% of the position as profit when the trade is 20 pips in profit and leave the remove of the position to run.

 

Long Trade 1

  • Long entry after bullish price action on the H1 time frame immediately following the next touch of 1.5500.

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

  • Adjust the stop loss to break even once the trade is 20 pips in profit.

  • Remove 25% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to run.

GBP/USD Analysis

Yesterday I forecasted that if the first hourly candle following the London open was reasonably bullish, the direction for the London session would be upwards, and I was correct about that. Overnight the price has fallen back a little. The overall short-term picture is weakly bullish right now.

GBPUSD 123114

There are no high-impact data releases scheduled today concerning the GBP. Regarding the USD, there will be a release of Unemployment Claims data at 1:30pm London time.

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About the Author
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.
Learn more from Adam in his free lessons at FX Academy

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