GBPUSD is struggling to continue the advance for nearly three weeks, and the pair might be ready for a fall from these levels suggests the analysis of binary options brokers. Although inflation has been above the Bank of England’s 2% target, the central bank said last week that they view the rise in inflation as transitory and expect inflation to fall back to target in the next few months. In no way they suggested they are ready to tighten monetary policy, which is bearish for sterling note Binary Options brokers.
But the GBPUSD pair has been supported by a weak Dollar. The US currency is has fallen sharply this week after a series of weak economic data and political uncertainties over allegations about President Trump cooperating with the Russians in the Presidental election last November.
These are definitely times of high uncertainty for both the UK and the US which can translate in heightened volatility in the GBPUSD pair. To protect themselves traders can trade the pair with a licensed binary options broker via binary options which offer a less risky way to bet on a currency’s future exchange rate.
The pair is trading in a range between 1.2850 and 1.2990 since the end of April. A breakout in either direction would confirm a continuation of the uptrend or a downside retracement. Either way, the situation can be successfully traded by using call and put binary options through a regulated UK binary options Forex broker.
Important support levels to watch besides the channel lines are 1.2750 (38.2% Fib retracement) and 1.26 (61.8% Fib retracement).
1.31 is the next resistance to the upside after 1.30.
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I've been a professional trader for over 5 years.
Currently I work as forex analyst for different investment companies.
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