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GBP/USD Trading - ADP non-farm employment change - 02 Nov 2016

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GBP/USD chart 2 Nov 2016
5/5 of 3 ratings

Yesterday, the Cable closed the day at the opening price.

In Britain, the Manufacturing PMI fell from 55.5 to 54.3 in October. The US ISM Manufacturing PMI rose from 51.5 to 51.9, construction spending fell by 0.4% against the expectations of growth of 0.5% in September.

Today the UK Construction PMI is projected to decrease from 52.3 to 51.8.

In the US, non-farm employment change from ADP is expected to increase to 165K in October vs.154K in September. In the evening - main event - the FOMC statement on monetary policy. We believe that this time the speculators will not be able to resist the wave of dollar buying. We expect the pair GBP/USD at the 1.2135 area.

How to trade binary

At the H1 chart, the pair GBP/USD has the key levels: 1.2372, 1.2202, 1.2098. We're watching the mild rising structure of 25 October. The short-term upward movement is expected in the range of 1.2372 - 1.2446. The short-term downward movement is possible in the range of 1.2202 - 1.2098.

We would buy Put options if the pair falls below 1.2200.

Asset: GBP/USD
Direction: Put
Target price: 1.2200
Expiry time: 21:00 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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