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GBPUSD BINARY CALL OPTION – MARCH 10TH 2015

NZD/JPY 81.771 21:30 08.12
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CAD/JPY 86.410 21:00 08.12
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GBP/JPY 143.465 21:00 08.12
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By: Adam Stone
March 9th, 2015 6:55am GMT, London UK
Today’s Binary Options Trading Strategy:
• Currency Pair: GBPUSD
• Timeframe: H4 (Hourly Chart)
• Binary Option Trading Recommendation: Seek binary call options on dips below 1.5100
• Upside Potential: The upside potential for this binary call option is 450 pips to 1.5550
• Downside Potential: The downside potential for this binary call option is 200 pips to 1.4900The GBPUSD extended its corrective phase after a disappointing report on the inflation outlook out of the United Kingdom met a better than expected NFP report out of the United States and combined with technical aspects to pressure this currency pair back inside of its horizontal support level. The corrective phase developed from an intra-day high of 1.5552 which was reached on February 26th 2015 and lasted until the GBPUSD set an intra-day low of 1.5032 on March 6th 2015. The GBPUSD started to move away from its intra-day low and is expected to build on this momentum.

Price action is now trending higher and the drift to the upside is likely to push this currency above its horizontal support level. The GBPUSD is expected to reverse its corrective phase, at least partially, and move back into its horizontal resistance level. Binary options traders can take advantage from the anticipated reversal with binary call options. Today’s binary options trading strategy suggests call options to be placed on dips below 1.5100 for a risk/reward ratio of 1.0/2.25.

Volatility contracted alongside price action as the GBPUSD was trapped in a short, but sharp corrective phase. Volatility is expected to increase as price action started to drift away from its current intra-day low and is approaching the top end of its horizontal support level. Sellers are likely to try and prevent a breakout above this level in order to keep the downtrend intact. Any potential move lower is not expected to violate its most recent intra-day low. Buyers are anticipated to take the current drift higher as a platform to launch a breakout in order to accelerate to the upside. This favors binary call options in the GBPUSD currency pair.

The GBPUSD will face its first resistance level at its intra-day high of 1.5270 which was reached on March 5th 2015. This level marks the high prior to a sharp move to the downside which dropped price action to its current intra-day low. A breakout above this level will take the GBPUSD to its intra-day high of 1.5480 which was reached on February 18th 2015. This level represents the bottom range of its horizontal resistance level. The final resistance level is located at its intra-day high of 1.5552 which was recorded on February 26th 2015 from where a double top formation may emerge.

The following economic data out of the United Kingdom already impacted the base currency, the British Pound, of the GBPUSD currency pair:
Annualized BRC Like-for-Like Sales for the month of February:
• Expectations: An annualized monthly increase of 0.5% was expected for February
• Previous Announcement: An annualized monthly increase of 0.2% was reported in January
• Released Data: An annualized monthly increase of 0.2% was reported in February
• Impact on the British Pound: The reported annualized increase in BRC Like-for-Like Sales has applied upward pressure on the British Pound which favors binary call options in the GBPUSD currency pair

In addition the following economic report out of the United States is expected to impact the quote currency, the US Dollar, of the GBPUSD currency pair:
Wholesale Inventories & Sales for the month of January:
• Expectations: A contraction of 0.1% in wholesale inventories is expected for the month of January, a contraction of 0.5% in wholesale sales
• Previous Report’s Data: An increase of 0.1% in wholesale inventories was reported in the month of December, a contraction of 0.4% in wholesale sales
• Impact on the US Dollar: The anticipated contraction in wholesale inventories as well as sales is expected to pressure the US Dollar to the downside; this favors binary call options in the GBPUSD 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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