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GBP/USD trading - UK CBI industrial orders - 19 May 2017

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GBP/USD trading chart 19 May 2017
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GBP/USD showed active movement yesterday

The British pound started the day well. In April, retail sales increased by 2.3% against the forecast of 1.2%, but on the general strengthening of the US dollar, the pair GBP/USD lost 30 points. In May, the US Philadelphia fed Manufacturing index showed 38.8 against 19.9 and 22.0 in April.

Today's economic calendar is not rich

In the UK, the CBI industrial trends orders are expected to remain unchanged, 4 points. According to the US, the data doesn’t come out. We won’t see the important US data until Tuesday next week, on that day there are data on new home sales for April. The forecast is 611K against 621K in March, which indicates a steady high demand. So, we think the reversal of the pair GBP/USD has started. We are waiting for the pair GBP/USD at 1.2760.

How we trade binary?

We would buy Put binary options with 20:00 GMT expiry if a one hour candle closes below the 1.2910 level. If our first target is not reached and the price goes above 1.2972, the first scenario would be invalidated. We would buy Call options if a one hour candle closes above the 1.2972 level.

Asset: GBP/USD
Direction: Put
Target price: 1.2910
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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