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GBP/USD trading - UK GDP - 31 Mar 2017

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GBP/USD trading chart 31 Mar 2017
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Investors expect the strengthening of the US dollar

The main event of the day - the publication of the US GDP for the 4th quarter in the final assessment. It showed an increase of 2.1% against 1.9% in the second assessment. The pair GBP/USD closed the day up by 34 points.

Today we will see important data

In the UK, the main indicator will be the current account data for the 4th quarter, the forecast is -16.3 billion pounds against -25.5 billion in the third quarter. In the final estimate, the UK GDP for the fourth quarter is expected to be unchanged, 0.7%.

In the US, the important data will be consumer spending/income for February. The personal spending is forecasted to grow by 0.2%, the income by 0.2%. The Michigan consumer sentiment index is expected to increase to 97.6 from 97.8. The Chicago PMI may slightly decline, from 57.4 to 57.2. We expect the decrease to the lower limit of the range 1.2420.

How we trade binary?

We would buy Put options if the price goes below the 1.2420 level. This scenario would be invalidated if the pair goes above 1.2502, in which case we would go for Call options with the end of the expiry.

Asset: GBP/USD
Direction: Put
Target price: 1.2420
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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