GBPUSD – Technical Analysis for Top Binary Options Brokers
United Kingdom – Consumer Price Index
Tomorrow, at GMT 10:30 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 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 0.9%, and this month the forecast is currently set at a 1.1% growth.
United States – Retail Sales
On Wednesday, at GMT 2:30 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.
In November, the US retail sales value increased by 0.8% and the forecast for this month is that it would likely increase by 0.3%.
Trade Recommendation for the GBP/USD
Since the end of October 2016, the GBP/USD has been gradually climbing up and so far, the price has increased by around 650 pips. However, last week, the GBP/USD formed a bearish outside bar (BEOB) on December 6, which started a retracement move that pushed the price towards the 1.2540 level.
As the UK’s CPI is expected to go up this week, but the US retail sales figure is expected to deliver a slower growth rate compared to last month, we believe it would likely have a bullish effect on the GBP/USD price. Hence, there is a good chance that the 1.2540 level will provide ample support to the pair for now and it may resume the uptrend.
However, in order to continue to uptrend, the GBP/USD price needs to break above the 1.2670 level first. Once the price penetrates above this level, it would likely attract additional bullish momentum in the market.
Under the circumstances, it would be recommended that binary options traders consider placing a CALL order for the GBP/USD with their binary options brokers as soon as the price closes above the 1.2670 level on the daily time frame.
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