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.
GBPUSD has been moving south for a long time. During these downturns, the market made several local consolidations, each time breaking out thru the bottom. Looking on H1 chart, we note that as a result of declines lasting from the beginning of the week, the market broke out yesterday and re-testing rejected the lower limit of consolidation.
It is also worth noting that the nearest significant support is in the area of 1.2600, which is almost 190 pips below the current price. Taking into account that yesterday’s breakout can be considered as durable, in the near future we expect we could continue the downturn. Therefore, in short term, it is therefore worth considering PUT option on this instrument.
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