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GBP/USD Signal - UK GDP - 27 Oct 2016

Signal details
Entry Price: 
1.2240
Close Price: 
1.2167
Direction: 
High
Expiry Time: 
20:00 GMT
Result: 
OTM
How we trade
5/5 of 2 ratings

Since the beginning of the week the GBP/USD pair has been ranging between 1.2078 and 1.2246. With the UK GDP being positive the pair has initially spiked higher, a move which was later reversed only to lead to current prices around 1.2242.

The GDP report for Q3 is essential for the further development of the GBP/USD pair. Looking at the technical side of the picture, prices of 1.2210 stand out as an appropriate support level. We would be buying daily calls at current levels or below, aiming for a close above the levels into the 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.