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GBP/USD Trading - US Non-farm payrolls - 08 Aug 2016

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GBP/USD Trading - US Non-farm payrolls - 08 Aug 2016
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On Friday, everything was predictable, except the Non-farm Payrolls.

In July Non-farm payrolls showed an increase of 255K against the forecast of 180K. In the UK, the house prices index from Halifax fell by 1.0% in July against the expectations of 0.1%.

In the US, the unemployment rate was unchanged. The average hourly wage increased by 0.3% in July against the expectation of 0.2%.

The US labor market data were so impressive that the expectations for the rate increase in December increased from 45.5% to 47.5%.

This week we expect the important data on Friday - retail sales, which are expected to decrease.
Taking into account that investors are waiting for the US GDP growth for the third quarter to 3.8%, a new week may be favorable for the US dollar.

How to trade binary

The short-term upward movement is expected in the range of 1.3161 - 1.3213, the breakout of the upper limit will form the local initial conditions. The correctional downward movement is expected in the range of 1.3050 - 1.2998, the breakout of the lower limit will develop the downward movement. We would buy put options if the pair GBP/USD falls below 1.3050.

Asset: GBP/USD
Direction: Put
Target price: 1.3050
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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