In the short term the pound may test the 1.5633 level

May 18, 2015

Buy on rebound from 1.5633 level with 1.5812 target. Stop loss = 1.5580.

Reason for the trading strategy

The UK's Rightmove house price index fell by 0.1% (m/m) in May. In annual terms, price growth has slowed down from 4.7% to 2.5%. The data reflect low inflationary pressures in the country, as well as a weakness of the purchasing power of British households. With an adjusting decline to the 1.5633 level, opening long positions in the pound should be considered.

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