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GBP/USD trading - US nonfarm payrolls - 05 May 2017

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GBP/USD trading chart 5 May 2017
4.3/5 of 6 ratings

The British pound added 54 points, but remained in the week-long narrow range

In the UK, April Services PMI increased from 55.0 to 55.8. In March the net lending to individuals amounted to 4.7 billion pounds against the expectations of 4.5 billion. In the US, the data came out mixed. The trade balance was slightly better than the forecast.

Today, investors are focused on the US data

In April the Change in Nonfarm Payrolls is expected at 185K against 98K in March. The unemployment rate is expected to increase from 4.5% to 4.6%, but due to the fluctuations in data and the previous decrease in unemployment. Today in Stanford (California) there will be a large conference on the structural basis of monetary policy, where S. Fisher, D. Williams, C. Evans, D. Bullard, will have speech. Perhaps they will share their sentiments on the current policy.

How we trade binary?

In our view, the price will continue downward if reach 1.2910 level. We would buy Put binary options if a one hour candle opens and closes below the 1.2910 level. If our first target is not reached and the price goes above 1.2947, the first scenario would be invalidated. We would buy Call options if a one hour candle opens and closes above the 1.2947 level.

Asset: GBP/USD
Direction: Put
Target price: 1.2910
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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