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GBP/USD Signal - Low US Inflation - 31 Oct 2016

Signal details
Entry Price: 
1.2160
Close Price: 
1.2238
Direction: 
High
Expiry Time: 
21:00 GMT
Result: 
ITM
How we trade
5/5 of 2 ratings

The GBP/USD has been taking a cue from the other pairs against the U.S. dollar this morning as the British currency declined in the run-up to U.S. inflation data. However a different set of factors has been affecting the moves in the British currency in these past couple of hours.

At the forefront amongst the risk events for the GBP/USD pair we are seeing we see the prospective departure of Governor Marc Carney from the Bank of England. The stability of the currency can be impacted somewhat by the departure of the bank's leader if it is announced later this week. A report by the Financial Times has negated the likelihood for Carney to leave which initially boosted GBP/USD this morning in Asia.

After a subsequent test of 1.2150, the pair has stabilized during the past couple of hours. We are looking for a close above 1.2160 this evening as the pair continues growing higher after the announcement of the latest benign U.S. inflation data. We're buying calls at 1.2160 for the 21:00 GMT expiration today.

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.