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GBP/USD trading - US existing home sales - 24 May 2017

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GBP/USD trading chart 24 May 2017
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Yesterday, the pair GBP/USD traded sideways in its range

The act of terrorism in Manchester and W. Schäuble's warning to the British that they would learn what a big fault was "Brexit" was quickly eliminated by the markets. In the UK, the CBI distributive trades survey fell from 38 to 2 against the forecast of 12. The net public borrowings increased from 2.34 billion pounds to 9.65 billion pounds in April, against the expectation of 8.0 billion.

Today, the minutes of the last Fed meeting will be published, and this will be the main news of recent days

This news can determine the medium-term direction of the markets. As we expected earlier, the protocols can serve as a good reason for the reversal and the US dollar strengthening. The macroeconomic data didn’t contribute to the strengthening.

In the US, the new home sales amounted to 569K against the forecast of 611K in April. The Richmond manufacturing index fell from 20 to 1 (forecast 15), but the Services PMI increased from 53.1 to 54.0. The Manufacturing PMI fell from 52.8 to 52.5 against the expectations of growth to 53.0.

Today, the existing home sales are expected at 5.65 million, compared with 5.71 million in March. Taking into account the speculative growth of the GBP/USD, the false growth attempts are possible, but we still are waiting for the pair GBP/USD at 1.2830.

How we trade binary?

We would buy Put binary options with 20:00 GMT expiry if a one hour candle closes below the 1.2970 level. If our first target is not reached and the price goes above 1.3039, the first scenario would be invalidated. We would buy Call options if a one hour candle closes above the 1.3039 level.

Asset: GBP/USD
Direction: Put
Target price: 1.2970
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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