USD/JPY – Technical Analysis for US Binary Options Brokers
United Kingdom – Consumer Price Index
On Tuesday, at GMT 8:30 a.m., the UK’s Office for National Statistics released the year over year Consumer Price Index (CPI) that measures the changes in the price of goods and services acquired by consumers.
Since the CPI basically measures the inflation level in the economy, this data is considered US binary options investors as one of the most important leading indicators of the overall economic health
Last month, the UK’s CPI (y/y) increased by 2.6%, and this month the forecast is currently set at a 2.8% growth.
United States – Retail Sales
On Friday, at GMT 12:30 p.m., the US Census Bureau will release the national month-over-month retail sales figure, which measures the changes in the total value of all sales made at the retail level in the country over the past month.
Retail sales data are considered by binary options traders to be the primary gauge of consumer spending and confidence. This is because when consumers are confident about their future financial situation, they tend to spend more.
Last month, the US retail sales value increased by 0.6% and the forecast for this month is that it would likely increase by an additional 0.1%.
After trending upwards for several months, the GBP/USD found a strong resistance near the 1.3240 level in early August, which pushed the price below the uptrend line later last month. However, soon after breaking the uptrend line, the GBP/USD resumed the uptrend and currently, it is once again approaching the major resistance near the 1.3240 level.
As the US retail sales is expected to grow only 0.1% compared to 0.6% in the previous month, but the UK’s CPI is expected to grow by 2.6% in the previous month, we believe it would set a bullish fundamental outlook for the GBP/USD this week. Therefore, if the GBP/USD breaks and closes above the 1.3240 level, it would likely find additional bullish momentum in the market.
Hence, US binary options traders should look out for trading opportunities above this major resistance level around 1.3240.
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