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GBP/USD trading - Brexit talks - 17 Jul 2017

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GBP/USD chart 17 July 2017
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On Friday, GBP/USD added 160 points

Friday's growth in the British pound was due to the information about the UK's preparing concessions to the EU in the Brexit talks this week. Now, if the incoming information from the talks is bright, optimistic, the GBP/USD can continue to grow regardless of even its own macroeconomic data.

This week we pay attention to the British data

The CPI is expected to remain unchanged. The retail prices may fall from 3.7% y/y to 3.6% y/y (in the "Brexit process" conditions, the decline in the CPI can be interpreted as a positive signal for the painless growth of the national currency). On Thursday, the retail sales are expected to grow by 0.3% in June, and public sector borrowing is expected to decline on Friday.

On Friday, the US dollar preferred to take advantage of the weak data on retail sales for June (-0.2% against the expectations of + 0.1%). Industrial production data (0.4% in June) had a short-term effect. Today, the US will publish NY Empire State Manufacturing Index for the current month, which is projected to decline from 19.8 to 15.0.

How we trade binary?

We are looking to purchase Call binary options with 20:00 GMT expiry if a one hour candle closes above the 1.3112 level. If our first target is not reached and the price breaks our support level at 1.3056, the first scenario would be invalidated. We would buy Put options if a one hour candle closes below the 1.3056 level.

Asset: GBP/USD
Target prices: 1.3112 (Call) or 1.3056 (Put)
Expiry time: 20:00 GMT


Jannik P.'s picture

Target Price: 1.3056
Direction: Put
Expiry Time: 20:00 GMT
Result: NT

Jannik P.

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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