GBP/USD Forex Signal For February 24, 2015

GBP/USD Signals Update

Yesterday’s signals were not triggered and expired.

Today’s GBP/USD Signals

Risk 0.75% per trade.

Trades may only be taken before 5pm London time today.

Long Trade 1

  • Go long after bullish price action on the H1 time frame immediately following the next touch of the nearest bullish trend line at around 1.5347.

  • Place the stop loss 1 pip below the local swing low.

  • Move the stop loss to break even once the trade is 30 pips in profit.

  • Take off 50% of the position as profit when the trade is 30 pips in profit and leave the remainder of the position to ride.

  • Short Trade 1

  • Go short after bearish price action on the H1 time frame immediately following the next touch of 1.5482.

  • Place the stop loss 1 pip above the local swing high.

  • Move the stop loss to break even once the trade is 30 pips in profit.

  • Take off 50% of the position as profit when the trade is 30 pips in profit and leave the remainder of the position to ride.

  • GBP/USD Analysis

    Yesterday this pair had a bullish boost off the support at around 1.5350. If we return to this level it is likely to be supportive again. The obstacle to continuing bullishness remains the confluence of a broken bullish trend line and a strong horizontal support level at around 1.5482. This could provide a good shorting opportunity, especially if news later spikes the price up there.

    There are high impact events concerning both the GBP and the USD today. Regarding the GBP, there is an Inflation Report Hearing at 10am London time. Later at 3pm there will be a release of U.S. CB Consumer Confidence data and the Chair of the Federal Reserve will begin her testimony.

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    Author: Travis Esquivel

    Travis Esquivel is an engineer, passionate soccer player and full-time dad. He enjoys writing about innovation and technology from time to time.

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