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GBP/USD Trading - US Chicago PMI - 30 Nov 2016

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GBP/USD chart 30 Nov 2016
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Yesterday, the US GDP for the 3rd quarter came out better than expected, but the Cable showed a growth against the US dollar

In the 2nd assessment, the GDP was revised up to 3.2% vs. the previous 2.9% and 3.0% forecast. The consumer confidence index from the Conference Board rose from 100.8 to 107.1. In the UK, the net lending to individuals amounted to 4.9 billion pounds against 4.7 billion in September, and the mortgage approvals increased from 64K to 67.52K.

Today we expect a lot of important data from the US

The US will present data on the personal income and spending in October. The forecast for the income is 0.4%, for spending 0.5%. The non-farm employment change from ADP is expected to be 161K in November vs. 147K in October.

The Chicago PMI is expected to increase from 50.6 to 52.1 in November, which can confirm our assumption about the recovery of industrial production in the United States. The pending home sales may show an increase of 0.3%.

How to trade binary

The level of 1.2509 is a level of resistance to the upward movement of the pair GBP/USD. The returning to this level will continue the growing to new highs in the area of 1.2546. The sellers will focus on trying to return below support - 1.2470, which was tested during today's Asian session. If this happens, it is likely the pair drops to 1.2442.

We would buy Put options if the pair GBP/USD falls below 1.2470.

Asset: GBP/USD
Direction: Put
Target price: 1.2470
Expiry time: 21:00 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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