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GBP/USD trading - UK CBI trend orders - 24 Apr 2017

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GBP/USD trading chart 24 Apr 2017
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British pound started the day with a gap

On the back of the presidential elections in France, the British pound followed the Euro and started the day with a gap. However, GBP/USD descended to the initial position for a few hours. Friday’s data showed, in the UK, March retail sales decreased by 1.8% vs. the forecast of -0.3%, which also contributed to the low reaction of the market this morning.

Markets can already lose interest in elections in France

Today, the CBI industrial trends orders are expected to decrease from 8 to 5. In the evening, the president of the Federal Reserve Bank of Minneapolis, Neil Kashkari will have speech. The US has an empty economical calendar today.

How we trade binary?

In our view, the price will continue upward if reach 1.2855 level. We would buy Call binary options if a one hour candle opens and closes above the 1.2855 level. If our first target is not reached and the price goes below 1.2767, the first scenario would be invalidated. We would buy Put options if a one hour candle opens and closes below the 1.2767 level.

Asset: GBP/USD
Direction: Call
Target price: 1.2855
Expiry time: 20:00 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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