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GBP/JPY Signal - UK GDP Report - 27 Oct 2016

Signal details
Entry Price: 
128.30
Close Price: 
128.06
Direction: 
High
Expiry Time: 
20:00 GMT
Result: 
OTM
How we trade
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The awaited GDP report that just came out revealed that UK economy is developing at a faster rate due despite Brexit impact fears. In terms of the GBP/JPY pair this is a bullish outcome, as we can see the by the rise in the price from 127.68 to the 128.4 (also the weekly high until now) level.

Looking at price levels in mind we can conclude that an appropriate key target price for the pair today would be 128.30, which is also the current level. Considering the newly set direction of the pair we would be buying daily calls at the price of 128.30 heading for today’s 20:00 GMT expiration.

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.