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GBP/USD trading - US housing starts - 19 Jul 2017

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GBP/USD chart 19 July 2017
5/5 of 7 ratings

The British pound has painfully reacted to the weakened inflationary data

In June, the Core CPI fell from 2.6% y/y to 2.4% y/y. The total CPI fell from 2.9% y/y to 2.6% y/y vs. the forecast of maintaining unchanged. The retail prices declined from 3.7% y/y to 3.5% y/y, against the expectations of 3.6% y/y. The housing prices showed better than expected, but they also fell: 4.7% y/y versus 5.3% y/y.

Today we expect good data from the US construction market

The forecasts are good. In June, the number of housing starts is expected to be 1.16 million vs. 1.09 million in May. The number of building permits is expected to be 1.20 million vs. 1.17 million earlier. We think that the pair GBP/USD can so far trade in the range of 1.2970-1.3050.

How we trade binary?

We are looking to purchase Call binary options with 20:00 GMT expiry if a one hour candle closes above the 1.3055 level. If our first target is not reached and the price breaks our support level at 1.2995, the first scenario would be invalidated. We would buy Put options if a one hour candle closes below the 1.2995 level.

Asset: GBP/USD
Target prices: 1.3055 (Call) or 1.2995 (Put)
Expiry time: 20:00 GMT

Comments

Jannik P.'s picture

Target Price: 1.3055
Direction: Call
Expiry Time: 20:00 GMT
Result: NT

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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