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GBP/USD Signal - Janet Yellen Speech - 26 Aug 2016

Signal details
Entry Price: 
1.3210
Close Price: 
1.3130
Direction: 
High
Expiry Time: 
20:00 GMT
Result: 
OTM
How we trade
5/5 of 2 ratings

The GBP/USD is still exploring the 1.3000 – 1.3278 range (highest to lowest price) since Monday with the current price around the 1.3198 level. We expect the pair to rally during the forthcoming days. This assumption is made considering the latest rhetoric of the Federal Reserve officials which on the latter stage leads to the conclusion that Janet Yellen (Chair of the Board of Governors of the Federal Reserve System) won't hint of an interest rate hike in September.

While observing the pair's moves the level at 1.3210 stands out as an appropriate target price due to the fact that it was the highest point in Monday. Moreover this means that at this price there is a lot of buyer interest. Hence it is suitable to conclude considering the facts and our expectations that today we will be buying daily puts at the price of 1.3210 heading into the 20:00 GMT expiration, if and when the price gets there from current levels.

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.