Technical Analysis Free Forex Signals GBP/USD Forex Signal - 14 November 2017 GBP/USD Forex Signal - 14 November 2017 Tuesday, 14 November 2017 10:16 Share 0 Tweet 0 Pin it 0 +1 Yesterday’s signals were not triggered, as there was no bearish price action at 1.3088. Today’s GBP/USD Signals Risk 0.75% per trade. Trades may only be entered before 5pm London time today. Long Trade 1 Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.3018. 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 Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.3132 or 1.3178. 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 Yesterday saw another downwards movement, which invalidated nearby support and established a new lower resistance level at 1.3132. The chart below shows the price is still established in a wide bearish channel, and the medium-term trend is bearish, but there have been deep swings in both directions. This pair is by far the most volatile of all the major Forex currency pairs, which is due to political instability in the U.K. casting doubt over the economic terms upon which the U.K. will finally leave the European Union in 2019. A further move down looks likely, meaning that a bearish reversal at 1.3132 would be an attractive trade. However, the 1.3000 level is a crucial psychological level, so a long at a bullish reversal at or close to the support at 1.3018 could also be a very interesting opportunity, especially for the long term. Regarding the GBP, there will be a release of CPI data at 9:30am London time. Concerning the USD, there will be a release of PPI data at 1:30pm. Currency Pairs GBP/USD Adam Lemon 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.