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GBP/USD Signal - UK Brexit in March - 03 Oct 2016

Signal details
Entry Price: 
1.2920
Close Price: 
1.2847
Direction: 
Low
Expiry Time: 
20:00 GMT
Result: 
ITM
How we trade
4.3/5 of 3 ratings

During the previous couple of days the GBP/USD pair has been exploring the 1.2915 - 1.3000 area (highest to lowest price) creating a bearish gap at the market open on Monday. This happened due to Brexit doubts which were brought up again after British prime minister noted that the UK will begin the Brexit negotiation process by March 2017 and it is set to the leave the EU by the summer of 2019.

At present the pair is attempting to move away from the five-day lows that we witnessed last week by attempting bounce to the upside from 1.2850, while trying to recover after a sharp drop to the 1.2920 level (lowest price for the Asian session).

After the drop below 1.2900, the pair is looking heavy, however the weekly support line at 1.2850 is so far holding it up. We are looking at 1.2920 to buy daily puts heading into the 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.