GBP/USD Forex Signal- June 23, 2014

By DailyForex | Updated July 30, 2014 AAA


GBP/USD Signal Update

Last Thursday’s signals were not triggered and expired.

Today’s GBP/USD Signal

Risk 0.75%.

Entry may be made only between 8am and 5pm London time today.

Long Trade 1

Long entry at the first touch of 1.6914.

Place the stop loss at 1.6870.

Move the stop loss to break even when the price reaches 1.6990.

Take off 75% of the position as profit at 1.6990 and leave the remainder of the position to run.

GBP/USD Analysis

Last Thursday say a continuation of the upwards move but we were halted just above 1.7050, a little beyond the expected resistance zone. The following day printed an inside candle that looks somewhat bearish, and we have not had a breakout either side of that since we opened for the week last night. The intraday action looks fairly bullish but the bigger picture is undecided. We may get a break above the resistance zone or fall back down towards 1.6914. It is hard to say which and I do not want to look for any shorts from this zone now as we have been too close to it for too long.

The support level at 1.6914 looks very good and as we are quite some way away from it, if somehow we got down there during the London session today I would be prepared to take a long touch trade there.

GBPUSD 62314

There are no high-impact data releases scheduled today that might directly affect the GBP. Later at 3pm London time there will be a release of US Existing Home Sales data, which may affect the USD. It might be a fairly quiet day today for this pair.

You May Also Like

Related Forex Analysis
  1. Forex News

    Weekly Trading Forecast: FOMC, GDP, Greece and Much More Ahead

  2. Forex News

    British Pound Likely to Rally Further, but Watch these Two Key Risks

  3. Forex News

    Strategy Video: Can We Still Trade Amid Central Banks, HFT, Exuberance

  4. Forex News

    UK Election Campaign unfolding neck and neck - TDS

  5. Forex News

    Key UK events next week; Manufacturing PMI - TDS

Trading Center