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GBP/USD Trading - US existing home sales - 21 Dec 2016

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GBP/USD chart 21 Dec 2016
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Yesterday the pair GBP/USD declined slightly.

In the UK the retail sales balance of the CBI was 35 points in December against the November figure 26 and the forecast of 20.

The market is preparing for tomorrow’s data.

Today the UK is to publish data on public sector net borrowing of. In November, the forecast is 11.5 billion pounds (the largest amount in 12 months), against 4.3 billion in October.

In the US, existing home sales are expected at 5.50 million in November against 5.60 million in October. Despite lowering the forecast the sales volumes are at the highest levels for the last 6 years. Today, the markets may start to prepare for tomorrow's GDP data, personal spending and the durable goods orders - the forecasts are positive for all the indicators.

How to trade binary

The downward model is unfinished, so any increase should be used to search for the favorable sale price. The nearest resistance is 1.2353. We would buy Put options if the pair GBP/USD declines below 1.2353. This scenario would be invalidated if the pair goes above 1.2406, in which case we would go for Call option with the end of the expiry.

Asset: GBP/USD
Direction: Put
Target price: 1.2353
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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