GBP/USD – 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 2.9%, and this month the forecast is currently set at a 3.0% growth.
United States – Building Permits
On Wednesday, at GMT 12:30 p.m., the US Census Bureau will release the Building Permits figure, which is an annualized number of new building permits for the residential housing sector issued during the last month.
Since getting a building permit usually indicate future construction work, binary options traders consider this data to be a leading indicator of the overall economic activity in the country.
Last month, 1.27 million building permits were issued and this month, analysts are expecting the figure to come out around 1.25 million.
The GBP/USD remained very bullish since early May 2017 and the pair climbed up by around 1550 pips since then. However, after reaching near the 1.3650 level in September, the GBP/USD found a strong resistance and started a bearish retracement. Earlier in October, it went down to the support near 1.3025 and once again resumed the uptrend. Last week, the GBP/USD went up to 1.3350, but failed to penetrate above it.
Since the UK’s consumer price index is expected to grow 3.0%, but the US building permits figure is expected to come down to 1.25 million, we believe it would set a bullish fundamental outlook for the GBP/USD this week. Therefore, if the GBP/USD closes above the resistance near 1.3350, it would likely attract additional bullish momentum in the market.
Hence, US binary options traders should look out for trading opportunities above this major resistance level around 1.3350.
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