The option for today is an analysis cycle for binary options in cooperation with uTrader broker. Every day we present the best PUT or CALL options for a selected financial instrument along with its current technical analysis.
According to my last week’s projection, yesterday GBPUSD broke the consolidation bottom. It is worth noting that the lower limit of this consolidation has not yet been tested from below (as resistance). Considering that from a technical point of view such a re-test should occur so in near future we would expect to see at least a deeper bullish correction.
This scenario is also supported by the fact that price is currently in the area of local support. If there is a demand response in its neighbourhood that could indicate a rejection of the current zone, we could expect to grow to around 61.8% of the Fibonacci correction from the last declines.
It may also be a good idea to look at this instrument at a lower time interval (M5) and look for opportunities to open long positions or CALL options only after breaking out from local consolidation.
Still, it should be kept in mind that the market is moving in a downtrend, and it is equally likely that it may seem to break out and continue the current trend. If this happens, the whole pro-growth scenario will be negated.
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