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GBP/USD Signal - Mark Carney Speech - 07 Sep 2016

Signal details
Entry Price: 
1.3340
Close Price: 
1.3335
Direction: 
Low
Expiry Time: 
20:00 GMT
Result: 
ITM
How we trade
5/5 of 2 ratings

After the stronger than expected PMI numbers reports came out last week and on Monday, the GBP/USD pair has traded higher in recent days. Currently in the last couple of hours it has been exploring the downside with the daily range between 1.‎3325 and 1.3440 range. We expect for the GBP/USD to consolidate somewhat in the near term depending on the possibility to test and break the big resistance for the pair which is around 1.3340.

For the time being we are seeing a daily put opportunity in the 1.3340 area as the appropriate target price moved lower with recent weakness caused by the governor of the Bank of England, Mark Carney. It would be suitable to conclude considering the rationale of the fundamentals for the GBP/USD pair that today we would be buying daily puts on the price of 1.3340 heading for 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.