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GBP/USD Forecast 10 May 2016

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GBP/USD Forecast 10 May 2016
3.7/5 of 3 ratings

Yesterday the pair GBP/USD showed a slight decline

Today we’ll the UK trade balance data for March. The trade balance deficit could fall from -11.96 billion pounds to -11.30 billion pounds, but trade excluding EU figure could worsen from -3.50 billion to -3.36 billion.

Tomorrow the meeting of the Bank of England will be held. The US has the poor calendar today.
NFIB Small Business Optimism index is expected to grow from 92.6 to 93.2. The Wholesale Inventories are expected to increase by 0.1%.

How to trade

On the hourly chart, the pair GBP/USD has the key levels: 1.4536, 1.4385, 1.4332. The short-term bearish movement is expected in the range of 1.4385 - 1.4332. The short-term upward movement is possible in the range of 1.4462 - 1.4536. We would buy call options if the pair grows above 1.4462. We would buy put options if the pair falls below 1.4385.

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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