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GBP/USD trading - US consumer credit- 07 June 2017

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GBP/USD trading chart 7 June 2017
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GBP/USD consolidates in anticipation of elections in the UK

Tomorrow we expect high volatility on the back of elections in the UK and testimony of James Comey in Congress on the Trump case. Yesterday, JOLTS Job Openings showed 6.04 million in April against a forecast of 5.65 million.

The UK elections bear the greatest risk for the pound

The victory of the Labor Party is hardly possible, but the conservatives will lose some of their positions. Theresa May won’t be able to strengthen her positions to solve political problems, and to buy the British pound just because the Conservatives didn’t lose, it seems not quite right. We believe that if the pound shows growth at the first reaction, it will decline soon on the traditional "details" of uncertainty, and in fact, on investors' doubts about the benefits of the whole idea with re-elections. As a result, the elections will not affect the Brexit. Both parties will also painfully continue to search for acceptable conditions for Brexit.

Today in the US, the April volume of consumer credit is projected to decrease from $16.4 billion to $15.2 billion, but both these figures are large enough, volumes exceed the pre-crisis.

How we trade binary?

We would buy Call binary options with 20:00 GMT expiry if a one hour candle closes above the 1.2920 level. If our first target is not reached and the price goes below 1.2884, the first scenario would be invalidated. We would buy Put options if a one hour candle closes below the 1.2884 level.

Asset: GBP/USD
Direction: Call
Target price: 1.2920
Expiry time: 20:00 GMT


Jannik P.'s picture

Target Price: 1.2920
Close Price: 1.2964
Direction: Call
Expiry Time: 20:00 GMT
Result: ITM

Jannik P.

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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