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GBP/USD Trading - UK GDP - 25 Nov 2016

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GBP/USD chart 25 Nov 2016
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Yesterday, in the absence of American traders, the price of major currencies, the oil and gold have changed slightly

Today, in spite of opening the American market, a breakthrough is unlikely to happen. So we don’t expect the strengthening of the US dollar, as the macroeconomic indicators are of secondary importance, and next week is definitely crucial for serious action.

Today it’s still worth to pay attention to the British data

Today the UK is to publish data on GDP for the 3rd quarter in the 2nd assessment, the forecast is unchanged 0.5%. The balance of retail sales in the UK of the CBI is expected to decrease from 21 to 12.

The US goods trade balance is expected with a negative balance -59.2 billion in October compared to -56.5 billion in September. The wholesale inventories may show the growth (forecast 0.3% in October), and the Services PMI - the forecast 54.9 vs. 54.8 previously.

How to trade binary

On the hourly chart, the pair GBP/USD has the key levels: 1.2512, 1.2421, 1.2377. It generates an upward price structure, and currently is in correction zone. The short-term upward movement is expected in the range of 1.2512 - 1.2546. The range of 1.2421 - 1.2377 is a key support for the ascending structure of 18 November. We would buy Call options if the pair GBP/USD rises above 1.2478.

Asset: GBP/USD
Direction: Call
Target price: 1.2478
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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