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GBP/USD Signal - Brexit Dominates - 28 Oct 2016

Signal details
Entry Price: 
1.2180
Close Price: 
1.2187
Direction: 
Low
Expiry Time: 
20:00 GMT
Result: 
OTM
How we trade
5/5 of 4 ratings

After the pair’s price went as low as 1.2080 (week’s low) the GBP/USD is in a struggle to stabilize above it as it is currently trading since yesterday in the 1.2148 – 1.2189 zone. The fact that the pair’s price broke below the key level at 1.2200 is unusual on the account of the recent positive GDP report for the third quarter that was released on Thursday.

On the more technical side we can see that at present the pair is trading at the price of 1.2180 which considering the contemporary situation could be assessed as an appropriate target price. Considering everything of the above today we would be buying daily puts at the price of 1.2180 heading for the 20:00 GMT expiration at the market close in New York.

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.