GBPUSD – Flat
GBPUSD trading plan:
The U.S. trade deficit widened by the most in eight years in April as imports of goods rebounded while exports of energy products declined, a trend that if sustained, could result in trade being a drag on economic growth in the second quarter. Those revisions showed the trade deficit was not as large as previously thought in the first quarter. As a result, economists expect the government to raise its GDP growth estimate for the January-March quarter to as high as a 2.3% annualized rate when it publishes its third estimate later this month. The revisions to the trade data followed on the heels of last week’s solid construction spending data. The government’s second estimate of first-quarter GDP last month showed trade made no contribution to the economy’s 1.3% growth rate after adding to GDP for three straight quarters.
Investment idea: buy 1.2425 and take profit 1.2520.
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