GBPUSD Analysis, September 13, 2017 for Binary Options
No bad news related to Brexit negotiations and an economy that persistently refuses to slip into a recession are behind the latest bull trend in the GBPUSD currency pair, note Binary Options Brokers.
This week’s reports from the UK all beat expectations showing that the economy is still doing good, and despite a recovery in the US Dollar against the other currency peers, the Pound is the strongest currency for two consecutive weeks.
However, whether the rally continues or reverses will probably depend much on the Bank of England interest rate decision this Thursday. Notably, the central bank faces a difficult conundrum to solve in that inflation is high while earnings are low (lower than inflation) so they cannot really unanimously agree whether to raise rates or not. This will be particularly important on this meeting, and depending on their decision GBPUSD will either rally or fall.
Trading such two-way situations in the spot market can be risky as the moves and volatility can be large. Traders should consider trading such situations with a registered binary options broker. In binary options trading, everyone can choose a fixed amount of money that he is willing to risk on any situation in the market, therefore, making volatile situations attractive for trading via binary options.
GBPUSD has approached resistance in the 1.33 – 1.34 area and this makes the overall situation and relationship between the fundamentals and technicals that much more interesting, suggest binary options brokers.
Particularly, on a bullish breakout, the move can be violent and sharp as stops above 1.34 are taken out and it wouldn’t be surprising to see GBPUSD at 1.38 soon.
On the other hand, if resistance holds then the pair is likely to move back toward the 1.30 support area.
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