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By: Adam Stone
October 6th, 2016 07:45am GMT, London UK

Market Recap & Outlook:

Sterling falls to lowest levels since 1985 amid fears of a Hard Brexit.

Wednesday saw the British Pound fall to its lowest level since 1985 against the US Dollar and to a five year low against the broadly stronger Euro amid fears of a ‘hard Brexit’.
The Pound is down 2 percent so far this week against its major rivals as concern grows that Britain’s separation from the European Union could be rocky and have grave consequences economically.

A Hard Brexit is favored by Brexit proponents and would see the UK give up full access to the single market and full access of the customs union along with the EU. The arrangement would prioritize giving Britain full control over its borders, making new trade deals and applying laws within its territory. Initially, this would mean the UK would likely fall back on World Trade Organisation rules for trade with its former EU partners.

GBP/USD fell to 1.2686 at its lowest point Wednesday October 5th, before recovering to trade at 1.2717. Against the Euro, Sterling fell to 0.8825 (EUR/GBP), a level not seen since August 2011. The Euro was also higher against the Dollar, trading at $1.1226, up 0.2 percent (EUR/USD).

Oil prices added to strong gains on Wednesday, reaching a four month high after data showed that crude supplies in the US fell for the fifth consecutive week. The US Energy Information Administration said in its weekly report that crude oil inventories fell by 2.976 million barrels in the week ended September 30. Crude oil for November delivery on the New York Mercantile Exchange jumped $1.07/2.2 percent to $49.76 a barrel. Prior to the data release, prices were closer to $49.59.

Brent crude for December delivery rose $1.04/2.05 percent, to trade at $51.91 a barrel.

Gold prices were lower on Wednesday after the release of data showing that the US services sector accelerated in September to the highest level in 11 months. Gold for December delivery eased up 0.03 percent to $1,270.05 a troy ounce. On Tuesday, prices had plunged $43.00/3.28 percent, its biggest one day percentage drop since September 2013, as the US dollar climbed to a two month high amid indications the Fed is drawing closer to an interest rate hike. Gold is sensitive to moves in US interest rates, which lift the opportunity cost of holding non yielding assets such as Gold bullion.

GBP/USD: A binary Call option coincides with the trend, seen below.
gbpusd Binary Options Insights for October 6th 2016

EUR/GBP: A binary Put option coincides with the trend, seen below.
eurgbp Binary Options Insights for October 6th 2016

GBP/USD: A binary Call option coincides with the trend, seen below.
eurusd Binary Options Insights for October 6th 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.
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