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GBP/USD trading - US ISM Manufacturing PMI - 03 Jul 2017

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GBP/USD trading chart 3 July 2017
5/5 of 6 ratings

On Friday, the conditions for the reversal of the market intensified

In the US, the personal income increased by 0.4% against the forecast of 0.3%. The personal spending increased by the expected 0.1%. The Chicago PMI increased from 59.4 to 65.7 in June, which gives a good precondition for the national ISM Manufacturing PMI to exceed the forecast.

The British data disappointed on Friday

In the UK, the current account deteriorated from -12.1 billion pounds to -16.9 billion pounds in the first quarter (forecast was worse, -17.3 billion pounds).

Today, the UK will present the Manufacturing PMI for June, which is projected to decline from 56.7 to 56.4. Later, the Bank of England's financial stability report will be published.

The main news of the day may be the publication of the American ISM Manufacturing PMI. The forecast is 55.2 versus 54.9. As we said above, we wait for the indicator to be better than the forecast. The construction spending is projected to increase by 0.3%. It is good if the data exceeds the forecast since the previous fall was by 1.4%.

Today is the shorter working day in the United States, tomorrow is a day off.

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 1.3025 level. If our first target is not reached and the price breaks our support level at 1.2990, the first scenario would be invalidated. We would buy Put options if a one hour candle closes below the 1.2990 level.

Asset: GBP/USD
Target prices: 1.3025 (Call) or 1.2990 (Put)
Expiry time: 20:00 GMT

Comments

Jannik P.'s picture

Target Price: 1.2990
Close Price: 1.2943
Direction: Put
Expiry Time: 20:00 GMT
Result: ITM

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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