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GBP/USD Forex Signal - 4 April 2018

Yesterday’s signals were not triggered, as none of the key levels were reached during the specified period.

Today’s GBP/USD Signals

Risk 0.75% per trade.

Trades may only be entered between 8am and 5pm London time today.

Short Trades

  • Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.4091 or 1.4193.

  • 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.

Long Trade

  • Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.3983.

  • 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.

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

I had a slightly bullish bias yesterday, as the price was holding up above 1.4000. This was a good approach, as the price continued to rise. However, the Asian session has just seen the key resistance level at 1.4091 hit and it is obviously holding strongly so far. This suggests the price will struggle to rise further, but if it can get established above that level, it would be a bullish sign, and would suggest that the long-term bullish trend is about to start another upwards leg. There is important data for both currencies due later however, which could put all technical influences to the side and send the price anywhere. I have no directional bias today.
GBPUSD

Concerning the GBP, there will be a release of Construction PMI data at 9:30am London time. Regarding the USD, there will be a release of the ADP Non-Farm Employment Change at 1:15pm, followed by ISM Non-Manufacturing PMI at 3pm and Crude Oil Inventories at 3:30pm.

Adam Lemon
About 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.

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