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Forex pairs in this Article » GBP/USD
By: DailyForex.com

GBP/USD Signal Update

Yesterday’s signal was not triggered.

Today’s GBP/USD Signals

Risk 0.25% on either or both recommended trades.

Entry should be made before 5pm London time today only.

Long Trade 1

If the price at 8am London time is equal to or higher than 1.6457, enter long with a stop or market order 1 pip above today’s high price. The stop loss should be 1 pip below today’s low. Take profit at 1.6490 if the reward is at least equal to the risk, if not then take 50% of the position as profit and move the stop loss to break even.

Long Trade 2

Enter long at the next bar break of an hourly pin or strong outside bar rejecting and closing above the support level of 1.6392. If this level is not touched and rejected by the same hourly bar, or if an hourly bar closes more than a few pips below this level, the trade is immediately invalidated and should not be taken.

Stop loss at the local swing low or 1.6362, depending upon how close the entry is to 1.6392. If the entry is very close, then the lower of the two should definitely be used.

Take profit on 75% of the position at 1.6420 and move the stop loss to break even, if this has not taken off all the risk from the trade. Let the rest of the position ride.

GBP/USD Analysis

There is no major news expected today, so it will probably be a slow and quiet day.

Yesterday was a ranging day, with local support established at around 1.6420. However due to action during the Tokyo session the pair still made a higher daily high and low than the previous day. The bullish trend is intact.

GBPUSD Signal 121113

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