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GBP/USD trading - US ADP nonfarm employment - 03 May 2017

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GBP/USD trading chart 3 May 2017
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Yesterday the pair GBP/USD rose in anticipation of today's Fed meeting

The British Manufacturing PMI jumped from 54.2 to 57.3 against the expectation of 54.0. In the morning the BRC shop price index showed a decrease of 0.5% over the past month.

Today, the US data will form the movement of the GBP/USD pair

The US session will begin with the release of data on non-farm employment change from ADP - the April estimate is 175K vs. 263K in March. But the past data was one of the best for the entire post-crisis period and 175K - the average value for this time. Friday NFP is expected at 185K against the non-expressed 98K in March. The ISM Non-Manufacturing PMI is expected to increase from 55.2 to 56.1 in April. In the evening we get the statement of the Federal Reserve on Monetary Policy. We expect that there will not be any hints in the near future, as the Central Bank is already in a dual position - to raise or not raise the rate in the summer.

How we trade binary?

In our view, the price will continue upward if reach 1.2947 level. We would buy Call binary options if a one hour candle opens and closes above the 1.2947 level. If our first target is not reached and the price goes below 1.2865, the first scenario would be invalidated. We would buy Put options if a one hour candle opens and closes below the 1.2865 level.

Asset: GBP/USD
Direction: Call
Target price: 1.2947
Expiry time: 20:00 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.

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