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GBP/USD Trading - Halifax house price index - 07 Feb 2017

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GBP/USD trading chart 7 Feb 2017
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The pair GBP/USD shows consolidation

Yesterday we finally saw profit-taking on the weakening of US political factors. The pound fell slightly during the European trading session, but then recovered the lost position.

Today we may see the continuing consolidation of the pair GBP/USD

Today the US Trade Balance is expected with no significant change: -45.0 billion against -45.2 billion in November. In December the consumer credit is expected to decline from $24.5 billion to 20.3 billion.

This week the US Treasury debt attracts 53 billion dollars, which actually increases the demand for the US currency.

Today the UK will present data on the Halifax house price index, which is expected to decline from 1.7% to 0.2%.

How to trade binary

The short-term downward movement, as well as the consolidation, is possible in the range of 1.2515 - 1.2395, the breakout of the lower limit will lead to the development of a downward movement.

We would buy Put options if the price goes below 1.2415. This scenario would be invalidated if the pair goes above 1.2515, in which case we would go for Call option with the end of the expiry.

Asset: GBP/USD

Direction: Put

Target price: 1.2415
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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