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GBP/USD Signal - US Monetary policy - 22 Aug 2016

Signal details
Entry Price: 
1.3100
Close Price: 
1.3136
Direction: 
High
Expiry Time: 
20:00 GMT
Result: 
ITM
How we trade
5/5 of 2 ratings

The GBP/USD is ranging between the 1.3030 and the 3120 areas. However we expect a rise in the pair’s price today due to the surprisingly good retail sales data that came out last week from the UK, even despite the Brexit vote. The price of the GBP/USD went 2 times into the 1.3080 area and if we look more closely we can see that on Friday at the point of 1.3086 the price rebounded from the previous bottom.

A couple of hours ago the price went down again to the same level which could mean that the 1.3100 level is now key in play. This will be the price point where today we would be buying daily calls for the expiration at 20:00 GMT in order to cash in on some dollar weakness which is in anticipation for a speech by Fed chair Janet Yellen later this week.

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.