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GBP/USD Trading - US non-farm payrolls - 02 Sep 2016

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GBP/USD Trading – US non-farm payrolls - 02 Sep 2016
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Yesterday British Manufacturing PMI date helped the Cable to strengthen.

The Manufacturing PMI increased from 48.3 to 53.3, on the back of weak PMI around the world. And after the Brexit it looks even more optimistic.

The US PMI came out weak that pushed the British pound even higher. The national ISM Manufacturing PMI fell from 52.6 to 49.4.

Thus, as we said the state of the US industry is poor, and the September rate hike causes many doubts.

Today, the main event of the day will be the US labor market reports. The Non-farm payrolls are forecasted at 180K. However, even 150K are quite to strengthen the idea of the December rate hike.
The unemployment rate is expected at 4.8% compared with July's 4.9%. The growth of the average hourly wage is expected at 0.2%.

The British construction PMI can become more strong – the forecast 46.6 vs. 45.9 in July.

How to trade binary

The upward movement can continue if the pair GBP/USD manages to overcome the noise price range of 1.3327 - 1.3366. The short-term downward movement is possible in the range of 1.3206 - 1.3153.We would buy Put options if the pair falls below 1.3206. We would buy Call options if the pair rises above 1.3326.

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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