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GBP/USD Forecast 3 May 2016

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GBP/USD Forecast May 3, 2016
4.8/5 of 3 ratings

The cable has the chance to continue its strengthening today

The US ISM Manufacturing PMI was much worse than expected, 50.8 against the previous 51.8. The report confirmed the existence of problems in the US industry.

The market reacted with restraint to it. The economic growth may slow down, but it will also restrain the Fed from raising rates.

Today the UK is to publish data on Manufacturing PMI. It can help the pair GBP/USD continue its strengthening. The forecast assumes the growth of the indicator to 51.2%.

The US has no important economic data on the economic calendar today.

How to trade

The pair GBP/USD has the several key levels on the hourly chart: 1.4713, 1.4661, 1.4605. The short-term upward movement is possible in the range of 1.4661 - 1.4713. The downward movement is possible if the pair falls below 1.4605. We would buy call binary options from the current level.

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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