FOMC meeting minutes didn’t provide any additional information
The expectations for the rate hike didn’t change. It is 74.1% for June. In April the existing home sales were worse than the forecast: 5.57 million against 5.65 million.
Today the markets are closed in France, Germany and Switzerland
The UK will provide data on GDP for the first quarter, the forecast is unchanged, 0.3%. Tomorrow the 2nd GDP estimate for the United States will be published. And there the forecast is optimistic: 0.9% versus 0.7% in the 1st estimate. In the UK, the BBA mortgage approvals are expected to reach 40,800 in April against 41,100 in March.
The US will present the goods trade balance for April, the forecast is -64.6 billion dollars against -64.8 billion in March. The wholesale sales inventories are expected to increase by 0.2% in April.
We expect the pair GBP/USD will stay in the range of 1.2970-1.3040, with a possible reversal down tomorrow.
How we trade binary?
We would buy Put binary options with 20:00 GMT expiry if a one hour candle closes below the 1.2970 level. If our first target is not reached and the price goes above 1.3040, the first scenario would be invalidated. We would buy Call options if a one hour candle closes above the 1.3040 level.
Target price: 1.2970
Expiry time: 20:00 GMT