Sorry, you need to enable JavaScript to visit this website.

GBP/USD trading - US factory orders - 06 Mar 2017

You are here

GBP/USD trading chart 3 Mar 2017
5/5 of 4 ratings

On Friday, Janet Yellen, chair of the US FRS spoke in favor of the March rate hike

Janet Yellen has made it clear that the rate will be increased in March, focusing, on the circumstances, to do so. However, the market reacted unexpectedly. The euro moved sharply up and blocked the previous three-day decline. The Cable was up by 37 points.

The fundamental data were expected

The US ISM Non-Manufacturing PMI rose from 56.5 to 57.6. The UK Services PMI fell from 54.5 in January to 53.3 in February.

Today the US will present data on Factory orders. The forecast is 1.0% after the growth of 1.3% in December.

How we trade binary

We would buy Put options if the pair GBP/USD goes below 1.2254. This scenario would be invalidated if the pair goes above1.2324 in which case we would go for Call options with the end of the expiry.

Asset: GBP/USD
Direction: Put
Target price: 1.2254
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.

You may also read