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GBP/USD trading - US existing home sales - 21 Apr 2017

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GBP/USD trading chart 21 Apr 2017
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Yesterday, macroeconomic data had no impact on the market

In the US, the Philadelphia Fed Manufacturing index descended from 32.8 to 22.0 in the current month, against the expectation of 25.6. The CB leading index added 0.4% in March's estimate against the forecast of 0.2%.

Today, the macroeconomic balance has shifted in favor of the US dollar

In the UK, the March retail sales are expected at -0.2% against the previous growth of 1.4%. The core retail sales are expected to show -0,4% against the previous 1.3%.

In the US, April Services PMI is projected to grow from 52.8 to 53.0. The Manufacturing PMI is expected to grow from 53.3 to 53.5. The existing home sales are expected to increase from 5.48 million to 5.61 million.

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 1.2772, the first scenario would be invalidated. We would buy Put options if a one hour candle opens and closes below the 1.2772 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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