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GBP/USD trading - ADP non-farm employment - 08 Mar 2017

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GBP/USD trading chart 8 Mar 2017
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The US dollar is trying to strengthen

In the UK, the BRC retail sales monitor showed -0.4% against -0.6% in February. The Halifax house price index added only 0.1% against the forecast of 0.4%. In the US, the trade balance was worse than the forecast: -48.5 billion dollars against -47.0 billion.

Donald Trump continues to influence markets

The president of the United States Donald Trump consistently rejects a number of his pre-election theses, and the last of them was the decision to tighten the policy towards Russia. It seems that Trump also refused to pressure the Fed.

In the US, the ADP non-farm employment change is expected at 184K in February. In general, this is a good figure, but it is below the average since 2014. In the UK, the draft budget for the next financial year will be published. Usually much is said about it, but the impact on the market is weak. However, this time the interest is caused by its structure through the prism of Brexit.

How we trade binary

We advise you to buy Call options after a re-descending to a large support level of 1.2174, which was formed yesterday. A return with a fixation above 1.2213 may also trigger the purchase of Call options.

We would buy Put options if the pair GBP/USD fixes below 1.2174. This scenario would be invalidated if the pair goes above1.2213 in which case we would go for Call options with the end of the expiry.

Asset: GBP/USD
Direction: Put
Target price: 1.2174
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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