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GBPUSD BINARY PUT OPTION – APRIL 27TH 2015

BITCOIN 781.950 11:20 03.12
BitCoin/CNY 5382.550 11:20 03.12
BITCOIN 782.045 11:00 03.12
BitCoin/CNY 5383.210 11:00 03.12
BITCOIN 782.136 10:40 03.12
BitCoin/CNY 5383.835 10:40 03.12
BITCOIN 782.186 10:20 03.12
BitCoin/CNY 5384.175 10:20 03.12
BITCOIN 782.498 10:00 03.12
BitCoin/CNY 5386.325 10:00 03.12
BITCOIN 780.288 09:40 03.12
BitCoin/CNY 5371.115 09:40 03.12
BITCOIN 781.315 09:20 03.12
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By: Adam Stone
April 27th, 2015 4:44am GMT, London UK
Today’s Binary Options Trading Strategy:
• Currency Pair: GBPUSD
• Timeframe: H4 (Hourly Chart)
• Binary Option Trading Recommendation: Seek binary put options on rallies above 1.5160
• Downside Potential: The downside potential for this binary put option is 420 pips to 1.4740
• Upside Potential: The upside potential for this binary put option is 140 pips to 1.5300
 
The GBPUSD is nearing the end of a strong advance which emerged from its intra-day low of 1.4565 recorded on April 13th 2015. Initially the move to the upside broke out above a descending resistance level which originated from its intra-day high of 1.4981 reached on April 6th 2015; this took the GBPUSD to its intra-day high of 1.5053 which was recorded on April 17th 2015. A minor reversal took this currency pair back down to the intersection between its ascending support level and its descending resistance level from where the GBPUSD accelerated into its current intra-day high of 1.5186 which was reached today on April 27th 2015.GBPUSD

Price action is currently trading inside of its horizontal resistance level which is being intersected by a rising wedge formation formed as a result of its rapid advance. The GBPUSD is anticipated to successfully breakdown below its ascending support level from where it can decelerate into its descending resistance level. Binary options traders can profit from the expected breakdown with binary put options. Today’s binary options trading strategy suggests put options to be placed on rallies above 1.5160 for a risk/reward ratio of 1.0/3.00.

Volatility has decreased as the GBPUSD has accelerated to the upside, but the expected shift in momentum is likely to be accompanied by a sharp increase in volatility. The rising wedge formation, a bearish chart pattern, has merged with its horizontal resistance level and started to exercise downward pressure on this currency pair. Buyers may attempt to extend the advance with a breakout above its horizontal resistance level which is unlikely to be sustained. Sellers are favored to take the rising wedge formation in combination with its horizontal resistance level as a platform to force a breakdown from where the GBPUSD can accelerate to the downside.

The GBPUSD will face its first support level, after a successful breakdown below its horizontal resistance level, at its intra-day high of 1.5053 which was reached on April 17th 2015. This level represents the origin of its ascending resistance level. A breakdown below this level will take the GBPUSD to its intra-day low of 1.4856 recorded on April 21st 2015. This level marks the intersection between its ascending support level and its descending resistance level. The final support level is located at its descending resistance level around the 1.4740 mark.

The following economic data out of the United Kingdom is expected to impact the base currency, the British Pound, of the GBPUSD currency pair:
CBI Business Optimism for the month of April:
• Expectations: A level of 19 is expected for the month of April
• Previous Report’s Data: A level of 15 was reported for the month of March
• Impact on the British Pound: The expected level on CBI Business Optimism out of the United Kingdom is unlikely to pressure the British Pound to the upside; this favors binary put options in the GBPUSD currency pair

In addition the following economic report out the United States is expected to impact the quote currency, the US Dollar, of the GBPUSD currency pair:
Dallas Federal Reserve Manufacturing Activity for the month of April:
• Expectations: A reading of -12.0 is expected for the month of April
• Previous Report’s Data: A reading of -17.4 was reported in the month of March
• Impact on the US Dollar: The anticipated improvement in Dallas Federal Reserve Manufacturing Activity may suffice to apply upward pressure on the US Dollar which this favors binary put 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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