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GBP/USD trading - BoE Inflation Report - 21 Feb 2017

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GBP/USD trading chart 21 Feb 2017
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On Monday, the market was quiet in the absence of the US investors

In the UK, the CBI industrial trends orders showed an increase from 5 to 8 in February. However, investors awaited tomorrow's publication of minutes from the last Fed meeting. As a result, the Cable gained 52 points yesterday.

In spite of the weekend, the Philadelphia Federal Reserve President Patrick Harker said in favor of a possible rate hike in March

This news received a response in Asian session today.

Today, in the UK, public sector net borrowing is expected to decline by 14.4 billion pounds in January against 6.4 billion increase in December. But the main event will be the Bank of England Inflation Report Hearing where the Bank of England governor, Mark Carney will have speech.

In the US, Neel Tushar Kashkari, John Williams, and Patrick Harker will have their speeches. The services PMI is expected to increase from 55.6 to 55.7.

How we trade binary?

We would buy Call options after the return and fixing of the pair GBP/USD above the first resistance level of 1.2475, which he was making the demand for the pound yesterday. In the case of reducing, we advise to pay attention to Put options from 1.2437. The break of this level will reduce the GBP/USD in the area of the larger support level 1.2391.

We would buy Call options if the pair GBP/USD goes above 1.2475. This scenario would be invalidated if the pair goes below 1.2437 in which case we would go for Put options with the end of the expiry.

Asset: GBP/USD

Direction: Call

Target price: 1.2475
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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