On Monday, the US economic data didn’t differ much from the forecasts
The ISM Manufacturing PMI fell from 57.7 to the expected 57.2. The Manufacturing PMI declined from 53.4 to 53.3 against the expectations of growth to 53.5.
Today, the macroeconomic balance remains
In the US, the factory orders are forecasted at 1.0% against the previous 1.2%. In the UK, the March construction PMI is predicted to be unchanged, 52.5 points. In the evening, the FOMC member Daniel Tarullo speaks on "Outgoing Thoughts". We expect the pair GBP/USD will trade in the range of 1.2420-1.2500.
How we trade binary?
In our view, the price will continue downward if reach 1.2420 level and we would buy Put binary options at that level. If our first target is not reached and the price goes above 1.2460, the first scenario would be invalidated and we would consider Call options with the end of the expiry.
Target price: 1.2420
Expiry time: 20:00 GMT