GBP/USD Forex Signal - 7 January 2015

Adam Lemon
Adam Lemon
on January 07, 2015 | Updated On Jan 07, 2015

By: DailyForex.com

GBP/USD Signals Update

Yesterday’s signals were not triggered and expired.

Today’s GBP/USD Signals

Long Trade 1

  • Long entry after bullish price action on the H1 time frame on the closing hourly candle at 9am London time, provided the low has touched 1.5128.

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

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

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

GBP/USD Analysis

At the time of writing about half an hour before the London Open, the price has just been resting on the anticipated support level at 1.5128. If there is no close below this level, and the first hour of London session trading touches this level but the hourly candle closes bullishly, then there should be scope for a long trade if it breaks to the upside during the next hour.

This trade may not stick so should be managed conservatively, due to the fact that we have big Usd news coming up: FOMC minutes this evening ater the London session, followed by Non-Farm Payrolls data later in the week.

If the price does break below 1.5128, it is quite likely to find support somewhere between that price and 1.5000, but it is hard to say where this would be likely to happen.

GBPUSD 1715

There are high-impact data releases scheduled today concerning the USD only. At 1:15pm London time there will be a release of ADP Non-Farm Employment data. Then at 7pm there will be the U.S. FOMC Meeting Minutes.

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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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