GBP/USD – Technical Analysis for US Binary Options
- 1 GBP/USD – Technical Analysis for US Binary Options
- 2 BitBot Pro
- 3 OptionRobot
United Kingdom – Consumer Price Index
Today, at GMT 10:30 a.m., the UK’s Office for National Statistics released the year over year Consumer Price Index (CPI) that measures the changes in the price of goods and services acquired by consumers.
Since the CPI basically measures the inflation level in the economy, this data is considered binary options traders as one of the most important leading indicators of the overall economic health
Last month, the UK’s CPI (y/y) increased by 1.2%, and this month the forecast is currently set at a 1.4% growth.
United States – Building Permits
On Thursday, at GMT 2:30 p.m., the US Census Bureau released the Building Permits figure, which is an annualized number of new building permits for the residential housing sector issued during the last month.
Since getting a building permit usually indicate future construction work, and construction work usually increases the demand for products and services in the local area, US binary options investors consider this data to be a leading indicator of the overall economic activity in the country.
Last month, 1.20 million building permits were issued and this month, analysts are expecting the figure to come out around 1.22 million.
Trade Recommendation for the GBP/USD
Since breaking below the uptrend line on December 20, 2016, the GBP/USD price has fallen by around 375 pips over the last four weeks. However, as soon as the GBP/USD reached near the major psychological support level and Big Round Number (BRN) around 1.2000, the bearish momentum slowed down.
Yesterday, the GBP/AUD once again tested the support around 1.2000. Although the price penetrated below this level, soon a retracement bullish move happened and the GBP/USD ended up producing a Doji.
As the UK’s CPI is expected to increase by 0.2% to 1.4% and the US building permits figure is also expected to increase from 1.2 million to 1.22 million, the fundamental outlook for the GBP/USD would remain tentative this week. The formation of the Doji bar on Monday also indicated the tentativeness.
However, if the GBP/USD price closes below the 1.2000 level, it would certainly attract additional bearish momentum in the market.
Under the circumstances, it would be recommended that US binary options traders consider placing a PUT order for the GBP/USD with their binary options brokers as soon as the price closes below the 1.2000 level on the daily time frame.
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