GBP/USD Forex Signal - 21 January 2016

Thursday, 21 January 2016 8:40

By: DailyForex.com

GBP/USD Signals Update

Yesterday’s signals were not triggered and expired.

 

Today’s GBP/USD Signals

Risk 0.75% per trade.

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

 

Long Trade 1

* Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.4087.

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

 

Short Trade 1

* Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.4236.

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

 

 

GBP/USD Analysis

The downwards trend is still fully intact but the pair seems to be having some kind of break from the move and is consolidating above 1.4125. If it does not get below that price today or early tomorrow during the London session, it is quite probably going to end the week by rising.

I see strong resistance likely at around 1.4236 to 1.4250.

GBPUSD

There is nothing due today concerning the GBP. Regarding the USD, there will be releases of Unemployment Claims data and the Philly Fed Manufacturing Index at 1:30pm London time.

Adam is a Forex trader who has worked within financial markets for over 12 years, including 6 years with Merrill Lynch. He is certified in Fund Management and Investment Management by the U.K. Chartered Institute for Securities & Investment. Learn more from Adam in his free lessons at FX Academy.

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