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GBP/USD trading - Janet Yellen's speech - 12 Jul 2017

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GBP/USD chart 12 July 2017
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Yesterday, the British pound repeated Friday's scenario

The deputy head of BOE Ben Broadbent believes that the trading conditions for England will worsen with the withdrawal from the EU. The pound lost 33 points. Representatives of the Federal Reserve Leonid Breinard and P. Harker spoke out for caution in the rate hikes, but both believe that it is necessary to begin to reduce the Fed's balance sheet and raise the limit of the national debt.

Investors are waiting for Janet Yellen's speech

Today, Janet Yellen is speaking in the lower chamber of the US Congress. In the evening, the Beige Book will be published - a consolidated report on the economic regions of the United States. Thus, until Friday, when the data on retail sales and industrial production will be published, the US dollar enters a state of free wandering.

The British pound has a chance to strengthen, if the data on the labor market is higher than the forecast. However, the claimant count change is expected to increase from 7.3K to 10K. The unemployment rate is expected to be unchanged at 4.6%. The average earnings index + bonus may fall from 2.1% to 1.8%.

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 1.2860 level. If our first target is not reached and the price breaks our support level at 1.2820, the first scenario would be invalidated. We would buy Put options if a one hour candle closes below the 1.2820 level.

Asset: GBP/USD
Target prices: 1.2860 (Call) or 1.2820 (Put)
Expiry time: 20:00 GMT


Jannik P.'s picture

Target Price: 1.2860
Direction: Call
Close Price: 1.2884
Expiry Time: 20:00 GMT
Result: ITM

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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