GBP/USD Forex Signal - 18 November 2015

By:DailyForex.com

GBP/USD Signals Update

Yesterday’s signals were not triggered.

Today’s GBP/USD Signals

Risk 0.75% per trade.

Trades must be entered before 5pm London time today only.

 

Long Trade 1

* Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.5172.

* Put 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.

* Remove 50% of the position as profit when the trade is 25 pips in profit and leave the remainder of the position to run.

 

Long Trade 2

* Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.5133.

* Put 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.

* Remove 50% of the position as profit when the trade is 25 pips in profit and leave the remainder of the position to run.

 

Short Trade 1

* Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.5248.

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

* Move 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 25 pips in profit and leave the remainder of the position to run.

 

Short Trade 2

* Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.5364.

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

* Move 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 25 pips in profit and leave the remainder of the position to run.

 

GBP/USD Analysis

I noted yesterday how the GBP was holding up against the USD unlike the other European currencies. The chart below shows how this pair is currently very range bound and this probably will not change during the London session today. For these reasons it does not look like an attractive pair to trade, except for short-term trades targeting a few pips off the support and resistance levels.

GBPUSD

There is nothing due today regarding the GBP. Concerning the USD, there will be a release of Building Permits data at 1:30pm London time, followed by the FOMC Meeting Minutes at 7pm.

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.