By: DailyForex.com

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.

Related Articles
  1. Stock Analysis

    4 Best Drone Stocks to Invest in for 2016 (AMBA, ESLT)

    Find out which companies' stocks are set to lead the growth of the potential $100 billion industry of drone makers in 2016 and beyond.
  2. Mutual Funds & ETFs

    Top 5 Wellington for Retirement Diversification in 2016

    Discover the top five Wellington Management funds for retirement diversification in 2016, with a summary and performance details of each fund.
  3. Mutual Funds & ETFs

    3 Morgan Stanley Funds Rated 5 Stars by Morningstar

    Discover the three best mutual funds administered and managed by Morgan Stanley that received five-star overall ratings from Morningstar.
  4. Economics

    4 Countries Pleading for Higher Commodity Prices

    Discover what countries are struggling the most from the price collapse in commodities and what these countries require to return to economic growth.
  5. Stock Analysis

    The Top 5 Gold Penny Stocks for 2016

    Discover five penny stock gold miners that are well-positioned to profit in 2016, providing opportunities for investors to make significant gains.
  6. Economics

    3 Reasons Iran is Important in 2016

    Learn about how the global economy and Iran will be affected by the recently lifted trade embargo and sanctions from Iran, and what it means for 2016.
  7. Sectors

    3 Cyclical Industries To Exploit in 2016

    Learn about the three industries at the down end of their business cycles, and discover how these industries may improve in years to come.
  8. Mutual Funds & ETFs

    Top 3 Voya Funds for Retirement Diversification in 2016

    Learn about Voya Investment Management's mutual fund offerings and the three Voya funds to consider for retirement diversification in 2016.
  9. Retirement

    5 Reasons Americans Retire Abroad

    From better weather to a cheaper cost of living, here are 5 reasons to make the move.
  10. Investing News

    Bank Stocks: Time to Buy or Avoid? (WFC, JPM, C)

    Bank stocks have been pounded. Is this the right time to buy or should they be avoided?
RELATED FAQS
  1. When does a growth stock turn into a value opportunity?

    A growth stock turns into a value opportunity when it trades at a reasonable multiple of the company's earnings per share ... Read Full Answer >>
  2. What is arbitrage?

    Arbitrage is basically buying in one market and simultaneously selling in another, profiting from a temporary difference. ... Read Full Answer >>
  3. What is Fibonacci retracement, and where do the ratios that are used come from?

    Fibonacci retracement is a very popular tool among technical traders and is based on the key numbers identified by mathematician ... Read Full Answer >>
  4. What is a derivative?

    A derivative is a contract between two or more parties whose value is based on an agreed-upon underlying financial asset, ... Read Full Answer >>
  5. What is finance?

    "Finance" is a broad term that describes two related activities: the study of how money is managed and the actual process ... Read Full Answer >>
  6. What items are considered liquid assets?

    A liquid asset is cash on hand or an asset that can be readily converted to cash. An asset that can readily be converted ... Read Full Answer >>
COMPANIES IN THIS ARTICLE
Trading Center