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GBP/USD trading - NY Empire State Manufacturing - 15 May 2017

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GBP/USD trading chart 15 May 2017
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On Friday, the main movement began with the opening of the American session

The macroeconomic data showed positive dynamics, but retail sales were worse than forecasts, and this affected the US dollar. The retail sales excluding sales of cars (Core Retail Sales) increased by 0.3% in April, but the forecast was 0.5%. The Retail Sales added 0.4% against the forecast of 0.6%.

The rest of the US data was mixed

The consumer price index added 0.2% against the expectation of 0.3%, the Core CPI added 0.1% against the expectations of 0.2%. The business inventories showed an increase of 0.2% against the forecast of 0.1% in March. The Michigan consumer sentiment index increased from 97.0 to 97.7.

Today the US data is expected to be good. The NY Empire State Manufacturing index is expected at 7.0 against 5.2 in April. The NAHB housing market index is projected to remain at a high level of 68 points. The index was higher only twice: in February this year (71) and in November last year (70).

How we trade binary?

We would buy Call binary options with 20:00 GMT expiry if a one hour candle closes above the 1.2942 level. If our first target is not reached and the price goes below 1.2910, the first scenario would be invalidated. We would buy Put options if a one hour candle closes below the 1.2910 level.

Asset: GBP/USD
Direction: Call
Target price: 1.2942
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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