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.
Target price: 1.2254
Expiry time: 21:00 GMT