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GBP/USD trading - Weak UK data - 10 Jul 2017

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GBP/USD trading chart 10 July 2017
5/5 of 4 ratings

On Friday, British data stopped the growth of the pair GBP/USD

In May, the manufacturing production fell by 0.2% against the forecast of growth by 0.5%. Industrial production showed -0.1% against the expectations of 0.4%. The construction output fell by 1.2% (forecast + 0.7%). The negative trade balance increased from -10.6 billion pounds to -11.86 billion pounds.

Now the hints of Mark Carney about the rate increase have disappeared

It becomes clear that when he spoke about the inexpediency of raising rates in such a shaky situation, he meant the true intent of the Bank of England. On an annualized basis, industrial production declined for five consecutive months, there has been no such sharp and protracted fall in industrial production since the 2008 crisis.

In the US, the labor market data came out better than expected. In June non-farm payrolls showed 222K jobs against an average expectation of 172. The average hourly earnings increased by 0.2% (although the forecast was slightly higher, 0.3%). The participation rate increased to 62.8%. The unemployment rate rose from 4.3% to 4.4%. Thanks to the data, the US dollar strengthened against all major currencies.

Today, the economic calendar of the UK and the US is poor.

How we trade binary?

We are looking to purchase Call binary options with 20:00 GMT expiry if a one hour candle closes above the 1.2918 level.

Asset: GBP/USD
Target price: 1.2918
Expiry time: 20:00 GMT

Comments

Jannik P.'s picture

Target Price: 1.2918
Direction: Call
Result: NT

Jannik P.

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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