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Markets were unable to head back higher in any significant manner yesterday despite some better than expected figures from the US economy. The S&P, which we hoped would at least test the higher end of the current range, at 1800, simply eased its way lower over the course of the trading day, leaving most binary options traders looking elsewhere. In the end, the S&P closed at 1792 and provides little in the way of hope for a break for the coming trading day.

Binary options traders will thus look elsewhere today and the most likely target will be the forex pairs. This is especially true considering the wealth of news expected for the day ahead. The trading day will heat up early with the Bank of England set to announce their interest rate policy. The consensus opinion is that of a “no change” policy, meaning interest rates will remain at 0.5%. However, don’t be fooled by such conceptions. Any policy statement or remark about interest rates can send forex pairs flying in all directions. After all, the true and intrinsic value of a currency is its underlying interest rate. So any indication that an interest rate may change can send the country’s currency appreciating or depreciating accordingly.

So with no change expected fro the BOE, binary options traders will simply look for a spurt of volatility to take the GBP/USD in the direction it chooses to take at that very instance. To be clear the current directional bias is certainly ‘up’. But don’t be fooled by the moves prior to the decision of the BOE today at 12:00 GMT> Just be ready for literally anything.

Things keep their fervor as the day progresses with many releases in the US. Things get cooking with the release of the US GDP. Markets are expecting a reading of 2.5% which is a massive increase over last quarter’s 3.0%. These are the annualized figures and mean much more than any individual quarter’s results. The fact that we are nearing the end of the year is even more important from this perspective and a better than 3.0% result will lead stocks and the USD higher today.

The EUR/USD has been edging higher for the majority of this week. Binary options traders looking to take advantage as the market pushes past 1.3640, which is the current resistance level. Any break above this level will allow binary options traders to take up options with what looks to be a very low risk trade. However, until such time as a break makes itself clear, binary options traders might opt to trade with reversal strategies .

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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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