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GBP/USD Trading - the pound declines - 06 Feb 2017

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GBP/USD trading chart 6 Feb 2017
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The market's reaction wasn’t significant on Friday

The non-farm payrolls showed 227K vs. 175K. The unemployment rate increased from 4.7% to 4.8%, but at the expense of increasing participation rate from 62.7% to 62.9%. In January, the average hourly earnings increased by 0.1% against the expectations of 0.3%. The ISM Non-Manufacturing PMI showed a decrease of 56.5 against the forecast of 57.0.

As a result, the British pound has fallen, but it only confirms that the US was positive

During the week we will see the economic data of secondary importance, maybe the political news will have some interest. We are waiting for consolidation. Today, the economic calendar is empty.

How to trade binary

We would buy Call options if the price goes above 1.2115. This scenario would be invalidated if the pair goes below 1.2440, in which case we would go for Put option with the end of the expiry.

Asset: GBP/USD

Direction: Call

Target price: 1.2515
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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