The British pound grows slowly
The British pound added 76 points over the past two days. Yesterday at a meeting of the European Parliament, D. Tusk said that Britain would not be allowed to join the single market under any trade agreement. On this background, the Cable showed a weak reaction on unemployment rate which reduced from 4.7% to 4.6% and wage growth.
Today the UK will publish macroeconomic data
In the UK, the core retail sales are expected to grow by 1.1% in April. The retails sales are expected at 1.0%. The Philadelphia Fed Manufacturing index is projected to decline from 22.0 to 19.5 in May. On Wednesday next week, the minutes from the last meeting of the Fed will be published - this will be a good opportunity to reverse the market.
How we trade binary?
We would buy Call binary options with 20:00 GMT expiry if a one hour candle closes above the 1.2942 level. If our first target is not reached and the price goes below 1.2910, the first scenario would be invalidated. We would buy Put options if a one hour candle closes below the 1.2910 level.
Target price: 1.2942
Expiry time: 20:00 GMT