GBP/USD Forex Signal - 6 January 2015

Adam Lemon
Adam Lemon
on January 06, 2015 | Updated On Jan 06, 2015

By: DailyForex.com

GBP/USD Signals Update

No signal was given yesterday.

Today’s GBP/USD Signals

Long Trade 1

  • Go long after bullish price action on the H1 time frame immediately following the next touch of 1.5128.

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

  • Move the stop loss to break even once the trade is 25 pips in profit.

  • Take off 25% of the position as profit when the trade is 25 pips in profit and leave the remainder of the position to ride.

GBP/USD Analysis

This pair made a small pull back yesterday but remained within the range of the big down and up movement that marked the weekly open, so the action so far has been very inconclusive. We have a long way above us before we reach any obvious likely resistance but we are not so far from probably support at around 1.5128. There will be news releases later today affecting each side of this pair, so we may well get some more movement than we had yesterday, but it probably will not be enough to move the price down to the support. Therefore I suspect any good trade in this pair is going to come later this week and not today.

GBPUSD 1615

There are a high-impact data releases scheduled today concerning both the GBP and the USD. At 9:30am London time, there will be a release of U.K. Services PMI data. Later at 3pm, there will be a release of U.S. ISM Non-Manufacturing PMI data.

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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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