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GBP/USD Signal - UK Retail Sales - 15 Aug 2016

Signal details
Entry Price: 
1.2930
Close Price: 
1.2874
Direction: 
Low
Expiry Time: 
20:00 GMT
Result: 
ITM
How we trade
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During the last days the GBP/USD pair has been through some dynamic changes but overall it continues its price’s downfall. The fundamental reason for the move is the first set of post-Brexit vote data coming out this week. We expect mediocre readings from retail sales which are going to pressure the pair even lower than 1.2910 (where it is right now).

The 1.2930-40 area is especially important for the pair because during the previous days we have tested and broken through it (on Thursday and Friday). This means that this zone can be seen as key resistance in the pair. We have put our target price for the GBP/USD today at 1.2930.

We will be buying daily puts on the 1.2930 level 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.