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GBP/USD Trading - Theresa May comments - 16 Jan 2017

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GBP/USD chart 16 Dec 2017
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On Friday, the market showed a mixed trend

Friday's US data was quite optimistic. In December, the retail sales rose by 0.6% vs. 0.7%, the core sales increased by only 0.2% vs. the forecast of 0.5%. In November, the business inventories showed an increase of 0.7% vs. the forecast of 0.3%. The Michigan Consumer sentiment amounted to 98.1 against the expectations of 98.6 points.

Today, the focus of investors switched to the comments of the Prime Minister of Great Britain Theresa May

Investors are waiting for the comments concerning Brexit. Theresa May can suggest a way out of the customs union, the jurisdiction of the European Court and the loss of a single market. I

n the evening we will see the speech of the Governor of the Bank of England r Mark Carney on "Political issues affecting the Bank of England." The British pound has opened the week with 170 points gap. The US has the holiday today.

How to trade binary

The continuation of downward movement is possible after the breakdown of 1.1980, in this case, the target - 1.1905. The short-term upward movement is possible in the range of 1.2087 - 1.2135, the breakout of the upper limit will lead to a deep correction.

We would buy Put options if the pair GBP/USD falls below 1.1980. This scenario would be invalidated if the pair goes above 1.2088, in which case we would go for Call option with the end of the expiry.

Asset: GBP/USD

Direction: Put

Target price: 1.1980
Expiry time: 21:00 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.

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