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.
Target prices: 1.3051 (Call) or 1.2995 (Put)
Expiry time: 20:00 GMT