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GBP/USD Trading - US Non-farm payrolls- 2 Dec 2016

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GBP/USD chart 2 Dec 2016
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The British pound traded in a wide range yesterday.

After the statement of the “Minister for EU exit" D. Davis, the UK is ready to make a contribution to the EU budget for the purpose of access to the European market, the Cable gained 190 points. But then the pair GBP/USD turned and rushed down.

Yesterday was full of other interesting data.

In November the UK Manufacturing PMI showed a decline from 54.2 to 53.4. In the US, the ISM Manufacturing PMI showed an increase from 51.9 to 53.2 in November. The construction costs increased by 0.5% in October.

Today the UK construction PMI is expected to decrease from 52.6 to 52.3 in November, which can more cool the speculators. The main news of the day - the US Non-farm payrolls with the expectation of growth from 161K in October to 175K in November. The average hourly earnings are projected to increase by 0.2%.

How to trade binary

We continue to monitor the rising structure of 18 November. The continuation of upward movement is possible after the break of 1.2643, in this case, the target - 1.2701. The short-term downward movement is possible in the range of 1.2563 - 1.2537.

We would buy Call options if the pair goes above 1.2643. This scenario would be invalidated if the pair goes below 1.2563 in which case we go for Put option with the end of the expiry.

Asset: GBP/USD
Direction: Call
Target price: 1.2643
Expiry time: 21:00 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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