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GBP/USD Forecast 29 July 2016

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GBP/USD Forecast 29 July 2016
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Yesterday, the British pound weakened against the US dollar. But today during the Asian session it could recover.

Today, the pressure on the British currency may continue due to the expected deterioration in mortgage lending. The number of mortgage approvals can decrease from 67.04K to 65.65K.

Today the US will publish GDP data for the 2nd quarter.

The forecast on the 1st preliminary estimates is 2.6%. The Michigan consumer sentiment is projected to increase to 90.2 against 89.5 in June. However, Chicago PMI is expected to descend from 56.8 to 54.3.

As a result, we expect the Cable in the 1.3100 area.

How to trade

We would buy put options if the pair falls below 1.3160.

Asset: GBP/USD
Direction: Put
Target price: 1.3160
Expiry time: 20:00

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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