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GBP/USD Forecast 22 Apr 2016

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GBP/USD Forecast 22 Apr 2016
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The UK retail sales disappointed investors

Yesterday's UK retail sales were much worse than expected, but it didn’t put much pressure on the pair GBP/USD. This once again confirms that the pair is under pressure only due to political conditions.

Today, the US will publish data on Manufacturing PMI. The index of the business activity manufacturing sector is expected to grow from 51.5 to 52.0. Today, the pair GBP/USD is likely to decline to the 1.4230 area.

How to trade

The levels 1.4430, 1.4345, 1.4305, 1.4221 remain the key levels for the pair GBP/USD on the 1H chart. The short-term upward movement is possible in the range of 1.4360 - 1.4504. The short-term bearish movement is expected in the range of 1.4345 - 1.4305. We should buy call options if the pound rises above 1.4430. We should buy put options if the pair falls below 1.4345.

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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