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The GBPUSD did a wonderful see saw roller coaster ride from Friday last week with the weak NFP numbers. Initially, it strengthened about 100bps, then on Monday in the afternoon, it took a nose dive from 1.6500 to 1.6350. From this morning, the GBPUSD was making a slow comeback grind from 1.6350 to 1.6390 in Asia session.

The Ichimoku and stochastics indicated that the GBPUSD was primed for a move back up. So I decided to buy a call option struck at the money spot of 1.6390 with a premium cost of 46bps, expiring on Friday, January 17th and a breakeven of 1.6436.

Right now in the US morning session, the GBPUSD is holding steady at 1.6435. Well, let’s see whether I am right or not.

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