Sorry, you need to enable JavaScript to visit this website.

GBP/USD Trading - ISM Manufacturing PMI - 01 Nov 2016

You are here

GBP/USD chart 1 Nov 2016
5/5 of 3 ratings

The Cable rose after the rumors about the resignation of Mark Carney ahead of schedule.

In September the volume of mortgage approvals rose from 61K to 63K in the UK. The net lending to individuals remained at 4.7 billion pounds against the forecast of 4.6 billion.

In the US, the September consumer income/spending also reached the expected levels: income increased by 0.3% and spending by 0.5%.

Today, the US statistics is promising growth. The ISM Manufacturing PMI is expected to grow from 51.5 to 51.8. The Manufacturing PMI from Markit is expected to grow from 53.2 to 53.3. The construction spending is expected to grow from -0.7% to 0.5%. The seriously falling oil price is also the factor of the US dollar strengthening.

The Cable doesn’t have domestic reasons for the decline to 1.2135. We expect consolidation of the pair GBP/USD in the range of 1.2210- 1.2270.

How to trade binary

The pair is in a downward correction of the structure. The short-term downward movement is possible in the range of 1.2202 - 1.2098. The short-term upward movement is expected in the range of 1.2372 - 1.2446. We would buy Put options if the pair falls below 1.2200.

Asset: GBP/USD
Direction: Put
Target price: 1.2200
Expiry time: 21:00 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.

You may also read