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GBP/USD trading - Halifax house price index - 08 May 2017

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GBP/USD trading chart 8 May 2017
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On Friday the US published positive labor market data

The unemployment rate declined from 4.5% to 4.4% against the expectations of growth of 4.6%. The Non-Farm Employment Change increased by 211K against the forecast of 185K. The average hourly earnings increased by 0.3% per month.

Today, investors should remember about China

In China, the economic indicators have been falling for three weeks. Today, China's trade balance data was weak. Formally, the April balance increased from 23.93 billion dollars to 38.0 billion, but the exports and imports collapsed significantly: export increased by 8.0% against the expectations of 10.4% y/y and the import showed an increase of 11.9% y/y against the forecast of 18.0% and 20.3% a month earlier.

Today, the UK will provide data on the Halifax House price index, which is expected to grow from 0.0% to 0.2% on a monthly basis.

In the evening, the US will present a review of the credit market from the Fed.

How we trade binary?

We would buy Call binary options with 20:00 GMT expiry if a one hour candle opens and closes above the 1.2972 level. If our first target is not reached and the price goes below 1.2939, the first scenario would be invalidated. We would buy Put options if a one hour candle opens and closes below the 1.2939 level.

Asset: GBP/USD
Direction: Call
Target price: 1.2972
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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