GBP/USD Forex Signal

10 August 2017 7:22:48 AM

By: DailyForex.com

Yesterday’s signals were not triggered as none of the key levels were ever reached.

 

Today’s GBP/USD Signals

Risk 0.75% per trade.

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

 

Long Trades

· Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.2950 or 1.2918.

· 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 50% of the position as profit when the price reaches 25 pips in profit and leave the remainder of the position to run.

 

Short Trades

· Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.3016 or 1.3061.

· Put 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.

 

The best method to identify a classic “price action reversal” is for an hourly candle to close, such as a pin bar, a doji, an outside or even just an engulfing candle with a higher close. You can exploit these levels or zones by watching the price action that occurs at the given levels.

 

GBP/USD Analysis

The Pound looks relatively bearish, and we see the printing of a new lower resistance level at 1.3016. This suggests that this pair is ready to fall strongly if the U.S. Dollar gets a major boost. However, the nearest support below at 1.2950 is very strong and likely to attract long-term buyers. A sustained break below 1.2950 would be a very bearish sign, and would also signify the end of the long-term bullish trend which is still technically in force.GBPUSD

Concerning the GBP, there will be a release of Manufacturing Production data at 9:30am London. Regarding the USD, there will be releases of PPI and Unemployment Claims data at 1:30pm.

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.

DailyForex Newsletter
0 User Reviews

Registration is required to ensure the security of our users. Login via Facebook to share your comment with your friends, or register for DailyForex to post comments quickly and safely whenever you have something to say.

Log in | Create a DailyForex.com Account Now