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GBP/USD Trading - UK Trade Balance - 12 Dec 2016

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GBP/USD chart 12 Dec 2016
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On Friday, the pair GBP/USD was trading in a narrow range

In the UK the construction output decreased to -0.6% against the expectations of + 0.2%. The trade balance was -9.7 billion pounds vs. the forecast of -11.8 billion and the September figure of -13.8 billion pounds. The US Michigan consumer sentiment grew sharply from 93.8 to 98.0 vs. the forecast of 94.5.

Today, we don’t get significant economic news

Tomorrow it’s worth to pay attention to the British CPI, RPI and PPI. However, these data won’t be enough for any strong movements in front of the Federal Reserve meeting on Wednesday. Will the rate be increased? In our opinion - yes, and it is necessary for the Fed before the financial crisis, which, with high probability, will come next year. And this is the main argument for raising rates.

How to trade binary

On the hourly chart, the pair GBP/USD pair has the key levels: 1.2646, 1.2616, 1.2555, 1.2524. The short-term downward movement is possible in the range of 1.2555 - 1.2524. The short-term upward movement is possible in the range of 1.2616 - 1.2646.

We would buy Call options if the pair GBP/USD rises above 1.2616. This scenario would be invalidated if the pair goes below 1.2555 in which case we go for Put option with the end of the expiry.

Asset: GBP/USD
Direction: Call
Target price: 1.2616
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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