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GBP/USD trading - US pending homes sales- 31 May 2017

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GBP/USD trading chart 31 May 2017
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Yesterday's growth of the GBP/USD was speculative

In April, the personal income increased by 0.4%, the spending also by 0.4% - both in line with the forecasts. The S&P/Case-Shiller home price index in the 20 largest US cities remained at the previous value of 5.9% y/y against the expectations of a fall to 5.6% y/y. The CB consumer confidence showed 117.9 against the previous 119.4, and the forecast of 120.1.

Theresa May looses supporters

In the morning, new surveys of the YouGov agency were published, which showed the strengthening of the Labor Party of Great Britain and the growth of those who want the soon Brexit (76%). Also, many believe that Teresa May makes not enough in the current process. As a result, the UK can get the technical government - without the majority of any party.

Theresa May decided to strengthen her position and stated that she is ready to leave the EU without additional approvals if those would be unprofitable for the UK. As the result, the pair GBP/USD lost 65 points.

In the UK, the number of mortgage approvals is expected to be 66.05K in April, against 66.84K a month earlier.

The United States will provide mixed data. In May, the Chicago index PMI may fall from 58.3 to 57.0. The pending home sales may show an increase of 0.5% in April against -0.8% in March.

How we trade binary?

We would buy Put binary options with 20:00 GMT expiry if a one hour candle closes below the 1.2793 level. If our first target is not reached and the price goes above 1.2860, the first scenario would be invalidated. We would buy Call options if a one hour candle closes above the 1.2860 level.

Asset: GBP/USD
Direction: Put
Target price: 1.2793
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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