GBP/USD – Technical Analysis for Binary Options Robots
United States – Core Durable Goods Orders
On Monday, at GMT 2:30 p.m., the US Census Bureau will release the month-over-month core durable goods orders figure, which measures the changes in the total value of all new purchase orders made to the US manufacturers for durable goods over the past month. However, the US Census Bureau excludes goods from the transportation sector in this figure in order to offer an accurate picture.
Binary options traders consider the US core durable goods orders to be the primary gauge of production situation in the economy, as an increase in purchase orders indicates that US manufacturing activity and growth will happen in the near future.
Last month, the US core durable goods orders increased by 0.5% and the forecast for this month is currently set at an increase of 0.5% as well.
United Kingdom – Construction PMI
On Thursday, at GMT 10:30 a.m., the Markit released the UK Construction PMI figure that measures the level of a diffusion index created by surveying 170 purchasing managers from the UK’s construction industry.
Binary options investors consider the UK Construction PMI to be a leading indicator of the country’s economic health as the construction sector usually creates ripple effects in the economy.
Last month, the UK Construction PMI came out at 52.2, which indicated an expansion in the construction sector. This month, the forecast is currently set at a slightly lower figure, at 52.1.
Trade Recommendation for the GBP/USD
After finding a strong resistance near the 1.2670 level, the GBP/USD has turned bearish over the last few weeks. However, a lack of strong bearish momentum meant that the pair failed to penetrate below the 1.2400 level.
As the UK’s construction PMI is expected to come at 52.1, which is almost same as last month’s 52.2, and the US core durable goods orders figure is expected to increase by 0.5%, we believe it would set a bearish fundamental outlook for the GBP/USD this week. Hence, if the GBP/USD price penetrates below the 1.2400 level, it would likely attract additional bearish momentum in the market.
Under the circumstances, it would be recommended that binary options traders consider placing a PUT order for the GBP/USD with their binary options robots as soon as the price closes below the 1.2400 level on the daily timeframe.
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