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GBP/USD trading - US initial jobless claims - 06 Apr 2017

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GBP/USD trading chart 6 Apr 2017
4.8/5 of 5 ratings

The expected correction didn’t take place

The British pound made attempts to correct under the pressure of the US dollar strengthening. In March, the British service PMI increased from 53.3 to 55.0 against the forecast of 53.5. ADP Non-Farm Employment Change showed an increase of 263K against the expectations of 187K. The ISM Non-Manufacturing PMI was worse than expected, but it could not significantly affect the optimism of investors.

Investors got the hope for the release of strong NFP on Friday

There were grounds for Friday's non-farm payrolls to go higher than forecasts which in turn raises the probability of a threefold increase this year. The FOMC protocols have inspired investors with the hope that there will be three higher rates this year.

Today we traditionally receive data on initial jobless claims. However, the market will expect tomorrow's data on the US labor market.

How we trade binary?

We would buy Call options from the current level of 1.2477.

Asset: GBP/USD
Direction: Call
Target price: 1.2477
Expiry time: 20:00 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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