GBP/USD resumed its bearish movement
Yesterday, the British pound lost more than 100 points, despite the positive data on the services PMI, which showed growth to 53.7 against the previous 52.7.
Pound was under pressure because of the scandal with the Mossack Fonseca company and the UK, Iceland officials also involved in the scandal.
However, the increase in the US non-manufacturing PMI, which showed an increase from 53.4 to 54.5 became the main market driver yesterday. The Markit composite index amounted to 51.3 vs. 51.0 previously in the final assessment in March.
The US trade balance decreased a little in February. Investors traditionally expected March and April - traditionally the surplus months (on a budget) due to the completion of the tax period.
How to trade
As expected, yesterday the pair GBP/USD resumed its bearish movement and descended to the mark of 1.4120. The mark of 1.4050 is the next goal for the pair GBP/USD today. We would buy PUT options if the price falls below 1.4100.
Target price: 1.4100
Close price: 1.4119
Expiry time: 20:00 GMT