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GBP/USD trading - FOMC meeting minutes - 05 Jul 2017

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GBP/USD trading chart 5 July 2017
5/5 of 5 ratings

Yesterday the market was calm

However, in the world political arena, the tension has increased in connection with the last test of North Korea ballistic missile. The most intense day in the market will be Friday - the G-20 summit in Hamburg.

Today we are waiting for the minutes from the last FOMC meeting

Also today, the US will publish data on factory orders for May, the forecast is -0.5%. However, all these indicators will have only a temporary and insignificant impact on the GBP/USD, since the main event will be the publication of the FOMC meeting protocol. And although the Fed doesn’t abandon its plans to raise the refinancing rate, the latest data on the state of the labor market and inflation make us think that the regulator can review them and postpone the next increase for the next year. If the text of the protocol indicates that the Fed will closely monitor the macroeconomic dynamics and proceed from this decision on the interest rate, the dollar will have to give up its positions.

It is expected that the UK Services PMI will drop from 53.8 to 53.5.

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 1.2945 level. If our first target is not reached and the price breaks our support level at 1.2903, the first scenario would be invalidated. We would buy Put options if a one hour candle closes below the 1.2903 level.

Asset: GBP/USD
Target prices: 1.2945 (Call) or 1.2903 (Put)
Expiry time: 20:00 GMT

Comments

Jannik P.'s picture

Target Price: 1.2903
Direction: Put
Expiry Time: 20:00 GMT
Result: OTM

Jannik P.
Oneseth's picture

This was not good trade. It was closed below 1.2903 but after this shoot up.

Oneseth
Jannik P.'s picture

Yes, the British pound strengthened on the back of weak US factory orders.

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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