The option for today is a series of articles about 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.
As a result of GBPCAD‘s two-week rally pair broke out from a bearish channel and reached important level of resistance 1.6695, where first supply reaction last night occurred. Taking into account that there has been no deeper correction during the upswing and the market has not tested from the top (as support) the recently defeated resistance, which is currently in the area of 38.2% of the Fibonacci correction, we would expect rejection of this zone and occurrence of at least a downward correction. In the short term, therefore, it is worth considering PUT options on this instrument.
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