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GBP/USD Call Signal 07 Mar 2016

Signal details
Entry Price: 
1.4110
Close Price: 
1.4264
Expiry Time: 
21:00 GMT
Result: 
ITM
How we trade
4.8/5 of 5 ratings

The GBP/USD pair has been losing ground since the start of trading in Asia this morning. A downgrade of China's growth target for this year has refreshed the market's memory about the issues surrounding the global economy and the U.S. dollar is getting a boost as a result.

Whenever traders become worried about the broad economic trends, they are flocking to the U.S. currency as a safe haven. The GBP/USD pair is likely to make a test of 1.4110 before the end of the trading day and this is where we think the pound will find some support.

This is why we are buying daily call options at 1.4110 today.

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.