Sorry, you need to enable JavaScript to visit this website.

GBP/USD Forecast 31 May 2016

You are here

GBP/USD Forecast 31 May 2016
4.6/5 of 4 ratings

On Monday, the market had no significant reasons for the growth of the GBP/USD.

However, the pair GBP/USD managed to add about 30 points. Today during the Asian session, the pair was able to reach a high of 1.4725.

Today, the UK calendar is empty. The US is to publish data on personal spending/income. The income is expected to increase by 0.4% (in April), the spending by 0.7%. Chicago PMI is expected to increase to 50.8 from 50.4 in May. The index of consumer confidence from the Conference Board predicts the growth from 94.2 to 96.1

Yesterday, a member of the Fed's FOMC Bullard expressed the need to explore more economic data before making a decision on the rate hike.

How to trade

The pair GBP/USD has the several key levels on the hourly chart: 1.4730, 1.14688, 1.14624. The short-term upward movement is possible in the range of 1.4688 - 1.4730. The short-term downward movement is possible in the range of 1.4624 - 1.4568. We would buy call options if the pair rises above 1.4688. We would buy put options if the pair declines below 1.4624.

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.

You may also read