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By: Adam Stone
August 20th 2014 5:54am GMT, London UK
Today’s Binary Options Trading Strategy:

• Currency Pair: EURGBP
• Timeframe: H4 (Hourly Chart)
• Binary Option Trading Recommendation: Seek put options on rallies above 0.8010
• Downside Potential: The downside potential for this put option is 120 pips to 0.7890
• Upside Potential: The upside potential for this put option is 60 pips to 0.8170

The EURGBP has launched a rally after a very sharp sell-off left this currency pair at extremely depressed levels. The EURGBP rallied from an intra-day low of 0.7888 reached on July 24th 2014 to an intra-day high of 0.8036 reached on August 14th 2014. The rally lasted fourteen trading days and formed a series of higher highs and higher lows.


Price action has formed a bullish price channel which is a bullish chart pattern and the EURGBP is called for a reversal back to its ascending support level of its bullish chart formation. Binary options traders can take advantage from the expected correction with binary put options. Today’s binary options trading strategy suggests put options to be placed below 0.8010 for a risk/reward ratio of 1.0/2.00.

The release of today’s Bank of England minutes may provide traders with a reason to reverse the current rally back down to support before the uptrend may resume. Traders should account for a few volatile trading sessions as buyers will try to force a breakout while sellers attempt to force a correction and breakdown of its current chart pattern. Price action is support to drift lower over the next few trading sessions amid the increase in volatility.

The anticipated correction will face its first minor support level at 0.7982 which is an intra-day low reached on August 19th 2014 before a price spike occurred. A breakdown below this level may be halted around 0.7945 which is an intra-day low reached on August 12th 2014 and represents a previous stop to an attempted breakdown. The next area of support is located at 0.7888 which is the previous intra-day low reached on July 24th 2014 and would create a double bottom formation.

The following economic data out of the Eurozone is expected to impact the base currency, the Euro, of the EURGBP currency pair:

Construction Output for June out of the Eurozone:

• Expectations: Monthly increase above 0.1%, annualized increase above 3.5%
• Previous Month’s Data: Monthly contraction of 1.5% in June, annualized increase of 3.5%
• Impact on Euro: A solid increase in construction output out of the Eurozone is expected to boost the Euro which will favor binary call options in the EURJPY currency pair

In addition the following economic reports out of the United Kingdom are expected to impact the quote currency, the British Pound, of the EURGBP currency pair:

Bank of England Minutes:

• Impact on British Pound: The British Pound has been punished by a barrage of economic disappointments which pushed this currency into extreme depressed levels; today’s minutes may show at least one voting member descent from consensus and push for an increase in interest rates which favors binary put options in the EURGBP currency pair

CBI Trends Selling Prices Index/CBI Trends Total Orders Index for August:

• Expectations: CBI Trends Selling Price Index at -2, CBI Trends Total Orders Index at 4
• Previous Month’s Data: CBI Trends Selling Price Index at -4 in July, CBI Trends Total Orders Index at 2
• Impact on British Pound: A rebound in this report is expected to confirm strength in the British economy and boost the British Pound which favors binary put options in the EURGBP currency pair

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Adam Stone
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Adam Stone

As COO of GOptions, my first and foremost goal is to provide traders with the most up to date info from the markets. I have been trading the markets since 2004 and have been involved with stocks, binary options, and forex trading since then. I have had no formal market education and pride myself on a self taught approach to everything related to trading. I try to focus though on both the technical and fundamental aspects related to each trading day and bring forward the most important aspects of risk/reward in the market.
Adam Stone
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