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GBP/USD Trading - US GDP - 29 Nov 2016

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GBP/USD chart 29 Nov 2016
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Yesterday the British pound resumed its fall

Today the UK and the US will publish important data that will determine the further movement of the pair GBP/USD. It is worth to pay attention to the US GDP for the 3rd quarter.

The main news of the day can be the 2nd estimate of the US GDP for the 3rd quarter

The forecast is 3.0% vs. 2.9% in the first estimate. The S&P/CS house prices index in 20 major US cities is expected to grow from 5.1% y/y to 5.2% y/y. The consumer confidence index from the Conference Board for the current month is projected at 101.3 points versus 98.6 previously.

In the UK, the volume of mortgage approvals may increase from 63K to 65K in October. The net lending to individuals is expected to grow from 4.7 billion pounds to 4.8 billion.

How to trade binary

The pair GBP/USD is trading in the range of 1.2421 - 1.2377. This range is a key support for the ascending structure of 18 November. We would buy Put options with the pair falling below 1.2377. This scenario would be invalidated if the pair rises above 1.2421 in which case we go for Call option with end of the expiry.

Asset: GBP/USD
Direction: Put
Target price: 1.2377
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.

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