GBP/USD – Technical Analysis for Binary Options Brokers
United Kingdom – Manufacturing PMI
Later, at GMT 8:30 a.m., the Markit released the United Kingdom’s manufacturing purchasing managers’ index (PMI) figure, which measures the level of a diffusion index by surveying around 600 purchasing managers in the country.
Since businesses are the first to react to changing economic climate and the PMI is calculated based on survey questions covering employment, production, price levels, new order situations as well as inventory conditions; binary options traders consider this data to be a leading indicator of the overall economic health of the country.
Last month, the UK’s manufacturing PMI came out at 56.3 and the forecast for this month was set at 56.4. However, the actual figure came out much lower than expected, at 54.3.
United States – Unemployment Claims
On Thursday, at GMT 12:30 p.m., the US Department of Labor will release the unemployment claims figure, which measures the changes in the number of people who claimed for unemployment insurance over the last week.
Binary options investors consider the unemployment claims data to be one of the most important fundamental indicators of the US job market. This is primarily because unemployment and consumer spending has direct correlation and an increasing number of unemployment claims indicate lower consumer spending in the economy, which makes up the bulk of the economic activity in the United States.
Last week, the US unemployment claims figure came out at 244,00 and the forecast for this week is set at an increase to 245,000.
Since the middle of March 2017, the GBP/USD remained bullish, but found resistance near the 1.3050 level in May. Over the last two months, the GBP/USD mostly remained range bound. But, during the last two weeks, the pair climbed up by around 440 pips after forming a minor bullish pin bar on June 21. Currently, the GBP/USD is once again slow approaching the major resistance near the 1.3050 level.
As the US weekly unemployment claims figure is expected to increase from 244,000 to 245,000, we believe the fundamental outlook for the GBP/USD would likely remain bullish this week. As a result, if the GBP/USD breaks above the resistance level near 1.3050, it would likely find additional bullish momentum in the market.
Under the circumstances, US binary options traders should look out for trading opportunities above this major resistance level around 1.3050.
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