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GBP/USD trading - US Independence Day - 04 Jul 2017

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GBP/USD trading chart 4 July 2017
4.3/5 of 6 ratings

Yesterday, the US dollar had good reasons for strengthening

In the UK, the Manufacturing PMI dropped from 56.3 to 54.3. In the US, ISM Manufacturing PMI, as we expected, came out better than expected, the June indicator was 57.8 against the forecast of 55.2 and 54.9 in May.

Today the US celebrate the Independence Day

In the UK, the Construction PMI is expected to decrease from 56.0 to 55.0 in June. Today, we expect the pair GBP/USD to descend to 1.2860.

How we trade binary?

Call options buyers are activated when the GBP/USD pair returns above 1.2956, which opens a straight road to the 1.2985 and its maximum of 1.3019. In the case of an unsuccessful attempt the best way to postpone Call options purchasing till the false breakout at 1.2903.

Put options buyers will try to return to the 1.2903 area. The consolidation below, in the case of weak British fundamental data, will lead to a quick sellout already in the area of the larger support 1.2845.

We are looking to purchase Call binary options with 20:00 GMT expiry if a one hour candle closes above the 1.2956 level. If our first target is not reached and the price breaks our support level at 1.2903, the first scenario would be invalidated. We would buy Put options if a one hour candle closes below the 1.2903 level.

Asset: GBP/USD
Target prices: 1.2956 (Call) or 1.2903 (Put)
Expiry time: 20:00 GMT

Comments

Jannik P.'s picture

Target Price: 1.2956
Direction: Call
Expiry Time: 20:00 GMT
Result: No trade

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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