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GBP/USD Trading - William Dudley speech - 21 Nov 2016

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GBP/USD chart 21 Nov 2016
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On Friday, the US dollar strengthened on the back of the lack of important news.

On Friday, the vice-president of the Fed, William Dudley described the victory of D.Tramp as a major factor of instability and uncertainty. Maybe such a statement is a hint the regulator won’t raise rates – it remains unclear.

Today the important macroeconomic news is not planned.

Tomorrow the US will present data on existing home sales. On Wednesday, we will get data on the durable goods orders which are expected to growth. Until that time, the markets may be somewhat corrected upwards. Anyway, the oil already shows the growth (1.13%).

Concerning the British pound, according to the forecast to reduce public sector borrowing and growth in industrial orders, we can see the more significant corrective recovery towards 1.2480.

How to trade binary

On the hourly chart, the pair GBP/USD pair has the key levels: 1.2389, 1.2301, 1.2230. Here we continue to follow the downward structure from 11 November. The continuation of downward movement is possible after the breakdown of 1.2301.

The short-term upward movement is possible in the range of 1.2389 - 1.2429.

We would buy Call options if the pair GBP/USD rises above 1.2389. We would buy Put options if the pair falls below 1.2301.

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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