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GBP/USD binary signal - UK Unemployment Report - 15 May 2018

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Signal details
Entry Price: 
1.3520
Close Price: 
1.3502
Direction: 
High
Expiry Time: 
21:00 GMT
Result: 
OTM
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The UK's monthly employment report will be released today at 0830 GMT. According to the median estimates, the UK's unemployment rate is expected to remain unchanged at 4.2%. Wage growth is expected to rise at a pace of 2.7%. This is slightly below the previous month's data which showed an increase of 2.8%.

The wage data will remain an important data point to consider following the Bank of England's monetary policy statement released last week. The central bank pushed back the prospects of a rate hike.

This came amid a slow start to the first quarter of the year where UK's economy activity barely rose. However, central bank officials maintained that the UK economy might have increased better than the initial estimates.
The wage data will play a key role amid inflation stabilizing around the 2.5% level. A better than expected growth in wages could stoke expectations of a possible BoE rate hike as early as August.

Besides the data from the UK, the U.S. retail sales report will be coming out later in the afternoon. Estimates show that retail sales might have increased 0.4% on the month which marks a lower estimate compared to the 0.6% increase previously. Core retail sales data is forecast to rise 0.5% marking a strong increase from the 0.2% that was registered previously.

Based on the above, today's binary options trading signal is GBPUSD. The currency pair has remained trading flat at 1.3520 level for the most of last week. While we expect to see this consolidation continue for the near term, we expect to see a rebound off this level.

Therefore, we are looking to purchase daily CALL options at 1.3520 for a 21:00 GMT expiry time. The GBPUSD currency pair is likely to retest the support level at 1.3520 before bouncing back to close higher on the day.

binary options signal 15 may 2018

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.