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GBP/USD Trading - US Thanksgiving Day - 24 Nov 2016

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GBP/USD chart 24 Nov 2016
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Yesterday traders awaited the US data, so in the morning, the trading was quiet

The US data were stronger than expected. In October, the durable goods orders rose by 4.8% vs. the forecast of 1.5%, the core durable orders have increased by 1.0% vs. 0.2%. In November the Manufacturing PMI amounted to 53.9 against the expectations of 53.4 and 53.4 in October.

Data on new home sales have disappointed

In October, new home sales amounted to 563K against the expectations of 574K (-1.9%) in September. Probably, the peak of 654K in July was a turning point of the indicator in the medium term. The increase in mortgage rates will introduce the housing sector into the category of problem. In September the house prices increased by 0.6% while the mortgage rate was 3.6%.

This week the United States won’t present the important data, especially since today the Thanksgiving Day is celebrated in the US.

Today, in the UK the BBA mortgage approvals are expected to increase from 38.3K to 38.8K. The pair GBP/USD can show consolidation near the 1.2480 level.

How to trade binary

The short-term upward movement is expected in the range of 1.2512 - 1.2546, the break of the upper boundary will allow expecting the movement to 1.2622. The range of 1.2421 - 1.2377 is a key support for the ascending structure of 18 November. If the price falls below, it will go to the area of 1.2301. We would buy Put if the pair GBP/USD descends below 1.2421.

Asset: GBP/USD
Direction: Put
Target level: 1.2421
Expiry: 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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