Sorry, you need to enable JavaScript to visit this website.

GBP/USD Trading - UK Manufacturing Production - 08 Nov 2016

You are here

GBP/USD chart 8 Nov 2016
5/5 of 7 ratings

The Cable strengthened slightly yesterday.

Tonight the election will begin in the United States, and tomorrow morning we will know the result of voting. It will clarify the further movement of the US dollar. However, investors are of the opinion that Hillary Clinton will be the new president.

Today the UK will present the production data.

However, in the morning, China has published data on its trade balance. Trade surplus increased from $41.99 billion to $49.06 billion, but the Trade Balance structure was rather weak - exports fell by 7.3% y/y, while imports decreased only by 1.4% y/y.

In the UK, the September industrial production expected to increase by 0.1%, and the manufacturing production is expected to increase by 0.4%. Before the start of the voting the NFIB Small Business Optimism will be released, the forecast 94.6 vs. 94.1 previously.

How to trade binary

On the hourly chart of the GBP/USD price makes the potential for downward movement in the correction of the upward structure from 25 October. The short-term downward movement is possible in the range of 1.2375 - 1.2335, hence the high probability of turning up. The short-term upward movement is possible in the range of 1.2445 - 1.2489. We would buy Put options if the pair GBP/USD falls below 1.2375. We would buy Call options if the pair rises above 1.2445.

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.

You may also read