GBP/USD Forex Signal - 27 April 2015

GBP/USD Signals Update

Last Wednesday’s signals expired without being triggered as although the price did reach 1.4981 there was no bearish price action there.

Today’s GBP/USD Signals

Risk 0.75% per trade.

Trades must be entered before 5pm London time today.

Long Trade 1

  • Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.5078.

  • Place 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 50% of the position as profit when the price reaches 1.5200 and leave the remainder of the position to ride.

 

Short Trade 1

  • Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.5200.

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

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

  • Remove 50% 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

Last week this pair behaved very bullishly and is now trading higher than it was three months ago. It broke through resistance easily and flipped the horizontal level at 1.4971 from resistance to support. The price may be held now however by the key level at 1.5200, especially today which is likely to be slow without much volatility.

Below the resistant spike which peaked at 1.5078 is quite likely to be supportive if reached today or during the next few days.

My colleague Christopher Lewis is more bullish than me, as he is expecting a breakout above 1.5200 that will send the price to 1.5500.

GBPUSD 42715

There are no high-impact events scheduled today concerning either the USD or the GBP.

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.