GBPUSD: consolidation before publication of the US Federal Reserve minutes

May 20, 2015

Buy on a level breakthrough of 1.5532 with 1.5630 target. Stop loss = 1.5480.

Reason for the trading strategy

In April, the UK consumer price index fell by 0.1% (y/y) against the background of lower prices for energy resources and food. The base value of the index amounted to 0.8% (y/y), with a forecast of 1.0% (y/y). The data reflect a development of deflationary processes and reduce the likelihood of an early interest rate rise in the country. Meanwhile, the health of the US economy also leaves much to be desired. Tonight, the minutes of the last US Federal Reserve meeting will be published. The nature of the minutes is likely to be soft.

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