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GBPCAD BINARY PUT OPTION – JANUARY 19TH 2015

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By: Adam Stone
January 19th, 2015 5:51am GMT, London UKGBPCAD

Price action is currently trading back inside its horizontal resistance level after the most recent advance caused a false breakout to occur. The GBPCAD is anticipated to attempt a breakdown in order to accelerate to the downside until it will reach its next horizontal support level. Binary options traders can take advantage from the expected breakdown with binary put options. Today’s binary options trading strategy suggests put options to be placed on rallies above 1.8125 for a risk/reward ratio of 1.0/2.33.

The GBPCAD experienced a decrease in volatility during its advance, but saw an increase as this currency pair initially broke down below its horizontal resistance level before a false breakout occurred which took the GBPCAD above it. Volatility is likely to continue to increase as buyers and sellers will face off inside its horizontal resistance level. Buyers will likely attempt another breakout which is expected to be limited to its most recent intra-day high. Sellers are anticipated to take the failed breakout together with the strength of its horizontal resistance level in order to complete a breakdown. This favors binary put options in the GBPCAD currency pair.

The first support level awaits the GBPCAD at its intra-day low of 1.7997 which was recorded on January 15th 2015. This marks a crucial support level which was reached during the market turmoil caused by the Swiss National Bank. A breakdown below this level will take the GBPCAD to its next support level at its intra-day low of 1.7853 which was reached on January 5th 2015. The final support level awaits the GBPCAD at its intra-day low of 1.7764 which was reached on January 8th 2015 from where a double bottom formation is possible.

The following economic data out of the United Kingdom already impacted the base currency, the British Pound, of the GBPCAD currency pair:

Rightmove House Prices for the month of January:

• Expectations: A monthly contraction of 0.9% was expected for January, an annualized increase of 7.3%
• Previous Report’s Data: A monthly contraction of 2.2% was reported for the month of December, an annualized increase of 7.0%
• Released Data: A monthly increase of 1.4% was reported for January, an annualized increase of 8.2%
• Impact on the British Pound: The increase in monthly as well as annualized house prices has failed to apply upward pressure on the British Pound which favors binary put options in the GBPCAD currency pair

In addition the following economic report out of Canada is expected to impact the quote currency, the Canadian Dollar, of the GBPCAD currency pair:

International Securities Transactions for the month of November:
• Expectations: A reading of C$10.21 billion is expected for the month of November
• Previous Report’s Data: A reading of C$9.53 billion was reported for the month of October
• Impact on the Canadian Dollar: The expected increase in international securities transactions is likely to lift the Canadian Dollar; this favors binary put options in the GBPCAD 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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