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GBP/JPY binary signal - UK Current Account and Final GDP - 29 Sep 2017

Signal details
Entry Price: 
150.40
Close Price: 
150.77
Direction: 
High
Expiry Time: 
20:00 GMT
Result: 
ITM
How we trade
5/5 of 6 ratings

A busy day for the British pound as the current account details and the final GDP revised figures will be published. According to the median estimates, economists are expecting to see the current account in the UK coming in at -15.8 billion GBP. The data is expected to be released at 08:30 GMT. This marks a modest decline from the 16.9 billion that was posted the month before.

Besides the current account data, the final revised GDP figures from the UK will also be released. According to the estimates, the UK's GDP growth rate is expected to remain steady at 0.3% on a quarterly basis for the period ending June. Focus will turn to any potential revisions on the index of services as well as household spending and income.

No changes are expected, and the GDP data is unlikely to impact the British pound much. Yesterday, the BoE Governor, Mark Carney was delivering a speech.

The British pound has remained strong despite the downside risks. The UK is in the midst of attempting to negotiate a Brexit deal with the EU leaders putting focus on the UK having to pay a Brexit fee. So far, the UK's leadership has attempted to come up with a number which is yet to be discussed with the EU counterparts.

Although Brexit still remains a major risk for the UK, the currency has managed to fare quite well. Based on the above, today's binary options trading is GBPJPY. The British pound has posted strong gains against the Japanese yen in the past few weeks.

Therefore, we purchase daily CALL options in GBPJPY at 150.40 as it coincides with the support level that has been repeatedly tested. GBPJPY is likely to remain to the upside despite some risks to the British pound. The Japanese yen is seen to be trading much weaker which could give the GBPJPY some upside pressure and thus potentially closing higher on the day.

binary options signal gbpjpy 29 Sep 2017

Disclaimer: The article is written for informative purposes only and it is not financial advice. The author does not have any position in the currency pairs mentioned, and no plans to initiate a position. He wrote the article himself and expressed his own opinions. He has no business nor personal relationships with any mentioned government entities or stocks. Readers should not treat any opinion expressed by the author as a specific inducement to make a particular trade or follow a particular strategy, but only as an expression of his opinion.