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.
Target price: 1.2470
Expiry time: 21:00 GMT