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GBP/USD Signal - Bank of England Rates - 19 Aug 2016

Signal details
Entry Price: 
1.3105
Close Price: 
1.3079
Direction: 
Low
Expiry Time: 
20:00 GMT
Result: 
ITM
How we trade
5/5 of 2 ratings

The GBP/USD pair is consolidating, but could be in to follow its pattern of downfall from earlier this week. Inflation readings from the UK have been suggesting that higher interest rates would materialize in the future. However, there is a doubt about the willingness of the central bank to raise the rates higher at present, due to the fact that it wants to explore the post-Brexit struggle of the UK economy.

Since yesterday the pair has been exploring the 1.3110-20 zone as a base and several times tested this level to the downside. For today the prospects that the GBP/USD will be supported around the 1.3115-25 area is substantial. It would be appropriate to set our target price of 1.3105 because if the price breaks below the 1.3115-25 level we will be buying daily puts heading for the 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.