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GBP/USD Signal - No More Rate Cuts by Bank of England - 22 Sep 2016

Signal details
Entry Price: 
1.3073
Close Price: 
1.3070
Direction: 
High
Expiry Time: 
20:00 GMT
Result: 
OTM
How we trade
5/5 of 2 ratings

The GBP/USD pair is trading close to the highest levels for the day after some comments from Bank of England's member Forbes, who said that there are no reasons to expect further cuts in the interest rate benchmark which the UK central bank is setting. The news comes as a surprise to the markets which still are impacted by the latest communique from the Bank of England that stated that further rate cuts are possible.

While the message is clear, not all market participants are so keen to rush towards the exit and close their GBP/USD short positions. We think that buying of the GBP/USD should accelerate in the coming hours and result in more good news for call buyers of binary options on this pair. We are looking towards 1.3070 as a level at which we would be very keen to be buying daily calls for tonight's expiration at 20:00 GMT.

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.