Friday’s strong data helped the US dollar strengthen against the cable.
The US GDP for the 1st quarter showed the expected 0.8% in the 2nd assessment versus 0.5% in the 1st assessment. The real consumer spending gained 1.9% for the 1st quarter.
In her speech, Janet Yellen confirmed the possibility of an earlier rate hike, unless, of course, other factors will not disappoint. As we remember, the other members of the FOMC also stated about it last week.
Today, the US and the UK have the day off.
How to trade
The pair GBP/USD has the several important levels on the hourly chart: 1.14688, 1.14624 and 1.4568. The short-term downward movement is possible in the range of 1.4605- 1.4568. We would buy put binary options if the pair GBP/USD falls below 1.4605.
Target price: 1.4605
Close price: 1.4637
Expiry time: 20:00 GMT