GBP/USD – Technical Analysis for US Binary Options Brokers
- 1 GBP/USD – Technical Analysis for US Binary Options Brokers
- 2 Top US Broker: BinaryMate
- 3 US Regulated Platform: NADEX
- 4 BitBot Pro
- 5 OptionRobot
United Kingdom – Consumer Price Index
Tomorrow, at GMT 9:30 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 2.3%, and this month the forecast is currently set at a 2.2% growth.
United States – Producer Price Index
On Thursday, at GMT 1:30 p.m., the US Department of Labor will release the Producer Price Index (PPI) figure, which measures the changes in the price of products and services bought by manufacturers and service providers in the country.
Since the higher cost of production is usually passed on to the consumers, a rise in the producer price index indicates future inflation. Hence, this data is vital for binary options trading as it is used by US binary options brokers as a leading indicator of the overall US economy.
Last month, the US month-over-month PPI increased by 0.3%, indicating inflationary pressure on the economy. Currently, the forecast for this month is that it would remain unchanged at 0.0%. Hence, market analysts would expect the US inflation to remain the same over the last month.
Since forming a pin bar on March 14, 2017, the GBP/USD price has climbed up by around 500 pips and found resistance around the 1.2600 level. However, on April 4, 2017, the GBP/USD broke below the uptrend line and found support near the 1.2365 level. So far, the GBP/USD penetrated below the 1.2365 level, but failed to close below it and seems to be respecting the resistance around 1.2435 level.
As the US producer price index is expected to remain unchanged at 0.0%, but the UK’s consumer price index is expected to increase by 2.2%, we believe it would likely set a bullish fundamental outlook for the GBP/USD this week.
If the GBP/USD fails to close below the 1.2365 level, resumes the uptrend, and penetrates above the current resistance near the 1.2435 level, it would likely attract additional bullish momentum in the market. Hence, binary options traders should look out for trading opportunities above this major resistance level.
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