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GBP/USD trading - expect the US dollar strengthening - 10 Apr 2017

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GBP/USD trading chart 10 Apr 2017
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The main event of Friday - the US labor market data

The Non-farm payrolls amounted to 98K, against the expectation of 180K, but the total unemployment rate decreased from 4.7% to 4.5%. Nevertheless, there is nothing surprising in this, because the employment consists not only of Non-Farm Employment Change.

Other data also pleased investors

The participation rate remained at the same level, 63.0%, the average hourly earnings increased by 0.2%. The wholesale inventories increased by 0.4% in February. The consumer credit amounted to 15.2 billion compared to 10.9 billion in January. After such data, the market was already talking about the possible delay of the rate increase.

Today, the US and UK economic calendar are empty. However, it is worth to pay attention to the performance of Janet Yellen. Tomorrow a large volume of the UK fundamental data is expected. The inflation indices are forecasted to decrease, that can pressure on counter-dollar currencies.

How we trade binary?

In our view, the price will continue downward if reach 1.2366 level and we would buy Put binary options at that level. If our first target is not reached and the price goes above 1.2420, the first scenario would be invalidated and we would consider Call options with the end of the expiry.

Asset: GBP/USD
Direction: Put
Target price: 1.2366
Expiry time: 20:00 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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