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GBP/JPY binary signal - UK Services PMI - 05 Dec 2017

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Signal details
Entry Price: 
151.77
Close Price: 
151.31
Direction: 
Put
Expiry Time: 
21:00 GMT
Result: 
ITM
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The UK's monthly services PMI data will be released today by Markit at 0930 GMT. According to the economists polled, the services sector activity is forecast to have fallen to 55.2 for the month of November. This is slightly below October's services PMI activity which was registered at 55.6.

Despite the slightly weaker print, services activity is expected to remain at historical highs. In October, the services sector which strongly contributes to the nation's gross domestic product showed the strongest pace of increase in six months.

The activity increased to higher orders and increasing client demand. The service providers were also seen showing lower operating expenses. This comes due to falling cost inflation which fell to the lowest level in a year for the month of October.

Despite the upbeat data, on the employment front, data showed that the pace of job hiring in the services sector had slowed. Businesses were also a bit concerned going forward due to the lack of uncertainty on the Brexit talks.

Recent economic data from the UK showed that the manufacturing activity which is another major component was also faring better. Last week's manufacturing PMI was seen rising to 58.2. This beat estimates of 56.6 and was a strong acceleration from the previous month's revised print of 56.6.

Based on the above, today's binary options signal is GBPJPY. The British pound has been seen attempting to post gains against the yen. However, the Brexit talks in the background continue to keep the currency pair volatile.

On an intraday basis, GBPJPY was seen trading volatile as price action closed with a doji candlestick pattern. Therefore, we are looking to purchase daily PUT options at 151.77 for a 21:00 GMT expiry time.

As a key price level, GBPJPY is expected to retest this level where resistance can be established. Following the retest, we expect GBPJPY to close lower on the day.

binary options signal gbpjpy 05 Dec 2017

Disclaimer: The article is written for informative purposes only and it is not financial advice. The author does not have any position in the currency pairs mentioned, and no plans to initiate a position. He wrote the article himself and expressed his own opinions. He has no business nor personal relationships with any mentioned government entities or stocks. Readers should not treat any opinion expressed by the author as a specific inducement to make a particular trade or follow a particular strategy, but only as an expression of his opinion.