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GBP/USD trading - UK retail sales - 20 Jul 2017

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GBP/USD chart 20 July 2017
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On Wednesday, the US data were good, but GBP/USD fell slightly

In June, the number of housing starts accounted 1.215 million against the expectations of 1.155 million. The building permits showed 1.254 million against the expectations of 1.20 million. The stock market gained 0.54%, and strong quarterly reports of companies played a significant role here.

Today, the main focus of investors will be accented on the press conference of the head of the ECB

In the UK, the retail sales are forecasted to grow by 0.4% in June, although the previous fall of 1.2% is unlikely to force investors to look at this indicator positively.

In the US, the Philadelphia manufacturing index is expected to decrease from 27.6 to 24.0 in July. The index of leading economic indicators is expected to grow by 0.4%. The number of initial jobless claims is expected to be 245K against 247K previously. The main scenario we are considering is still a correction of the GBP/USD pair.

How we trade binary?

We are looking to purchase Call binary options with 20:00 GMT expiry if a one hour candle closes above the 1.3051 level. If our first target is not reached and the price breaks our support level at 1.2995, the first scenario would be invalidated. We would buy Put options if a one hour candle closes below the 1.2995 level.

Asset: GBP/USD
Target prices: 1.3051 (Call) or 1.2995 (Put)
Expiry time: 20:00 GMT

Comments

Jannik P.'s picture

Target Price: 1.2995
Direction: Put
Close price: 1.2974
Expiry Time: 20:00 GMT
Result: ITM

Jannik P.

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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