Cable is trading under pressure
On Friday, the US industrial production data disappointed investors and didn’t allow the dollar to continue the strengthening. The March volume of industrial production fell by 0.6% vs. the expectation of 0.1%.
In the UK construction sector lost 0.3% in February instead of expected zero change. In Qatar, the oil producers haven’t made any agreements on reducing the oil production volumes. So OPEC members will continue to increase volumes and to struggle for markets.
Today, the UK calendar is empty. The head of the US Federal Reserve Bank of New York U.Dadli will have speech. Then we get the NAHB housing market index data.
How to trade
On the hourly chart, the pair GBP/USD has the key levels: 1.4289, 1.4178, 1.4113 and 1.4004. We continue to monitor the formation of the rising structure from 6 April. If the Cable manages to drop below 1.4113, we should buy put binary options. If the pair rises above 1.4189, we should buy call options.
Expiry time: 20:00 GMT