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GBP/USD Trading - US Retail Sales - 14 Nov 2016

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GBP/USD chart 14 Nov 2016
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On Friday, the US dollar strengthened after an emotional loss.

The US Michigan Consumer Sentiment Index rose from 87.2 to 91.6 in November. The gold lost -2.54%, the oil dropped by -1.23% and descended below $45 per barrel. The pair GBP/USD descended to the 1.2545 area.

Today, the United Kingdom and the United States have an empty economic calendar.

This morning, Japan has published the GDP data for the third quarter, the economic growth showed 0.5% vs. 0.2%. The consumer spending during the same period increased by 0.1% vs. 0.0%, which created a positive start to the day.

Tomorrow the US will present data on retail sales, which are projected a slight decline. The UK is to publish data on the CPI, which is expected to decline from 1.5% y/y to 1.4% y/y.

How to trade binary

On the hourly chart, the pair GBP/USD has the key levels: 1.2657, 1.2532, 1.2491, 1.2436. The continuation of upward movement forward is possible after the breakdown of 1.2657, in this case, the target - 1.2727. The short-term downward movement is possible in the range of 1.2532 - 1.2491, the breakdown of the 1.2491 will lead to a deep correction, the goal - 1.2436.

We would buy Call options if the pair GBP/USD rises above 1.2657. We would buy Put options if the pair falls below 1.2532.

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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