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GBP/USD Forecast 22 Mar 2016

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GBP/USD is forming downtrend

Yesterday the pair GBP/USD demonstrated a reduction to the area of 1.4370. However, today during the Asian session, the pair GBP/USD shows correction.

Yesterday we got news about the resignation of the UK Minister of Labour and Pensions, Duncan Smith.

However, the market took it quite differently, because this man has been one of the main supporters of the campaign for the country's exit from the EU.

How to trade

Yesterday the sellers couldn’t reach the important support level of 1.434. We would buy PUT options if the price falls below 1.4345 today. In this case, the pair GBP/USD may fall to the 1.4274 area.

If the price rises above the level of 1.4420, we would buy CALL options. In this case, we expect the price may grow to the area of 1.4482.

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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