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By: Adam Stone
July 7th, 2016 07:45am GMT, London UK

Market Recap & Outlook:

Oil prices extend losses, Safe Haven assets in demand.

Wednesday saw the British Pound under continued pressure, reaching a new 31 year low against the US Dollar, the most significant factor being the unabated fallout from the UK’s vote last month to leave the EU. The Pound fell by more than 1 percent to hit $1.2797 against the Dollar (GBP/USD), the weakest level since 1985. It was last down 0.65 percent at $1.2936. Against the safe haven Yen, the Pound dropped to 128.80 (GBP/JPY) its lowest since November 2012. It was last down 1.6 percent at 130.36.

The Pound has lost more than 14 percent of its value since last months referendum, as investors remain fearful regarding the impact on the UK’s economy and continuing uncertainty about the country’s political direction.

US stocks were higher after the close on Wednesday July 6th as gains in the Technology, Healthcare and Consumer services sectors led shares higher. At the close in NYSE, the Dow Jones Industrial Average gained 0.44 percent while the S&P500 index added 0.54 percent and the NASDAQ Composite index gained 0.75 percent. The US Dollar index was down 0.12 percent at 96.15. EUR/USD was up 0.20 percent to 1.1098.

Gold prices jumped to the highest level since March 2014 on Wednesday, as renewed fears over the Brexit vote ramifications boosted demand for safe haven assets. Prices for the Metal rose by over 1 percent to hit an intraday peak of $1373.70 a troy ounce, a level not seen in over two years. It last stood at $1372.05, up $13.35/0.85 percent.

Oil prices extended overnight losses in North American trade on Wednesday, falling towards eight week lows as Brexit related uncertainties continue to pervade the market.

Crude oil for August delivery on the New York Mercantile Exchange dipped 7 cents/0.15 percent, to trade at $46.53 a barrel, after falling to a daily low of $45.92.

GBP/USD: A binary Put option coincides with the trend, seen below.
GBPUSD Binary Options Insights for July 7th 2016

GBP/JPY: A binary Put option coincides with the trend, seen below.
GBPJPY Binary Options Insights for July 7th 2016

EUR/USD: A binary Put option coincides with the trend, seen below.
EURUSD Binary Options Insights for July 7th 2016

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Adam Stone
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Adam Stone

As COO of GOptions, my first and foremost goal is to provide traders with the most up to date info from the markets. I have been trading the markets since 2004 and have been involved with stocks, binary options, and forex trading since then. I have had no formal market education and pride myself on a self taught approach to everything related to trading. I try to focus though on both the technical and fundamental aspects related to each trading day and bring forward the most important aspects of risk/reward in the market.
Adam Stone
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