GBP/USD Forex Signal- July 16, 2014

By DailyForex | Updated July 30, 2014 AAA

GBP/USD Sigal Update

Yesterday’s signal expired without being triggered.

Today’s GBP/USD Signals

• Risk 0.75%.

• Entry may only be made before 5pm London time today.

Long Trade 1

• Go long at the first touch of 1.7048.

• Place a stop loss at 1.6995.

• Move the stop loss to break even when the price reaches 1.7125.

• Take off 75% of the position as profit at 1.7125 and leave the remainder of the position to run.

GBP/USD Analysis

I wrote yesterday that we were likely to fall down to around 1.7050 which might be a likely turning point. We did in fact get to within a few pips of this area just before the first news release of the day, which was very bullish for the GBP and from which price took off, reaching new multi-year highs. However, later USD news pushed the pair down relatively strongly, although it is still holding up just above the daily GMT pivot point at 1.7130.

I do not see any good level at which to get short yet, and as we are some considerable way from the flipped support level at 1.7048, I would be looking to get long today upon a first touch of that level.

GBP/USD

At 9:30am London time there will be a release of UK Claimant Count Change and Unemployment Rate data. Concerning the USD, at 1:30pm there will be a release of US PPI data followed later by the Chair of the Federal Reserve testifying at 3pm. Therefore today is likely to be an active day for this pair.

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