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GBP/USD trading - Janet Yellen speech - 03 Mar 2017

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GBP/USD trading chart 3 Mar 2017
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GBP/USD is trading sideways

Yesterday the British construction PMI index was better than forecast: 52.5 against the forecast of 52.2. In the US, the number of initial jobless claims fell from 244K to 223K (the forecast was 243K). This is the lowest figure for the past 44 years.

The strong jobless claims figure may directly impact non-farm payrolls

Next Friday the US will publish non-farm payrolls data. The forecast is 180K, and the data can be better. It could be the last argument for a rate increase on March 15.

Today Janet Yellen speaks on "Economic Perspectives" in Chicago's business club. Earlier, Stanley Fischer speaks on "Adoption of the Fed's monetary policy decisions." in New York. These speeches may be the main event of the day.

It’s also worth to pay attention to the British Services PMI data.

How we trade binary?

We would buy Put options if the pair GBP/USD goes below 1.2252. This scenario would be invalidated if the pair goes above1.2324 in which case we would go for Call options with the end of the expiry.

Asset: GBP/USD

Direction: Put

Target price: 1.2252
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.

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