Yesterday, the Cable lost 46 points
In the UK, the construction PMI decreased from 52.5 to 52.2 against the expectations of 52.4. In the US, the February trade balance for February -43.6 billion dollars against the expectations of -46.0 billion. The volume of factory orders amounted to 1.0% - at the level of expectations.
Today it’s time to pay attention to the labor market data
Today, the British Services PMI can show growth from 53.3 to 53.5. In the US, the ISM Non-Manufacturing PMI is projected to decrease from 57.6 to 57.0. The Services PMI could even grow from 52.9 to 53.1. The ADP non-farm employment change is expected at 187K in March against 298K in February - the difference is considerable. In the evening, the FOMC meeting minutes will be published. The US President Donald Trump plans to hold a second attack on Obamacare in Congress on Thursday and Friday. This decision was made after amendments to the original plan of the new project and intensified negotiations with moderate Republicans.
How we trade binary?
In our view, the price will continue downward if reach 1.2407 level and we would buy Put binary options at that level. If our first target is not reached and the price goes above 1.2470, the first scenario would be invalidated and we would consider Call options with the end of the expiry.
Target price: 1.2407
Expiry time: 20:00 GMT