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GBP/USD trading - UK retail sales - 17 Feb 2017

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GBP/USD trading chart 17 Feb 2017
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The pair GBP/USD is consolidating

In the US, the housing starts totaled 1.246 million in January against the forecast of 1.222 million. The number of building permits rose to 1.285 million vs. the forecast of 1.23 million. The Philadelphia Fed manufacturing index rose sharply from 23.6 to 43,3 and against the forecast of 18.5.

Friday will be calm

Within two weeks, the main events were concentrated around the Fed in March. Today is expected to be calm. In the UK, the retail sales are expected to grow by 0.9% in January. The US CB leading index is expected to grow by 0.5%.

How we trade binary

We would buy Call options only after a real break and consolidation above 1.2514. This scenario would be invalidated if the pair can’t fix above 1.2514 and start declining, in which case we would go for PUT option with the end of the expiry. We would also buy Put options after the breakdown of 1.2465.

Asset: GBP/USD

Direction: CALL

Target price: 1.2514
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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