GBP/USD- UK Binary Options Brokers – Weekly Analysis
The GBPUSD pair has been consolidating for 5 straight days and might be ready for a breakout suggests the analysis of Binary Options brokers. The pause in the advance comes after a sharp rise one week ago amid Prime Minister Theresa May announcing a snap parliamentary UK election in June.
The surprise announcement for a snap election is a positive boost for Sterling because the election is likely to strengthen the position of Theresa May as Prime Minister of the UK and therefore allow her to better negotiate the Brexit deal with the European Union.
Yet not everything is so rosy for the Pound, as a slowdown in the economy is still expected amid the Brexit. So, while in the short to medium – term GBPUSD has more room to rally on the positive news of the election, in the longer-term GBPUSD may still face downside risks. This will also depend on The US Dollar, particularly how much of fiscal stimulus the Trump administration can provide and how will they implement the tax cuts plan.
The situation provides a good opportunity to be traded via binary options, as there is a high probability that GBPUSD will be trading higher in the next few weeks with analyses suggesting GBUSD is headed toward circa 1.30.
Picking the best binary options brokers in UK to trade these opportunities is a crucial step to boost profits and have a flawless trading experience.
With the last week’s sharp rally GBPUSD confirmed an inverted head and shoulders pattern (shown on the chart) which target is in the 1.32 area binary options brokers analysis shows.
Short-term there is no resistance until the key round figure 1.30 and after the 1.32 head and shoulders target the next resistance is at the highs of 1.34 – 1.35.
If in the unlikely scenario GBPUSD decides to head lower instead then the first support is at 1.27 before 1.2550 and the neckline of the head and shoulders at 1.2500.
Choose among the best UK binary options brokers here to trade the opportunities on the GBPUSD pair.
GBPUSD Daily chart – The confirmed inverted head nad shoulders pattern points to a move toward 1.32
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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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