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.
EURGBP moves calmly in consolidation since yesterday’s afternoon. It is worth noting that the upper and lower limits of this box precisely coincide with those of earlier consolidation. It seems very likely that in the area of local resistance coinciding with the 38.2% Fibonacci correction, the right shoulder of the bearish head-and-shoulder formation (H&S) will be formed.
Confirmation of this formation would be breaking of the neck line and thus the lower limit of the present box. If this happens, we could expect to drop even near 0.9078. It is therefore worth considering PUT option on this instrument in both short and long terms.
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