Binary EUR/GBP is of great importance for the development of the European currency. It influences the other major pairs in which the EUR takes part. The binary traders should pay attention to this fact and try to gain some extra profits. Currently, the binary currency pair has almost stalled trading in a tight range of some 100 pips. It will continue trading so for some more time.
As it is well-known, binary EUR/GBP is not a highly volatile trading instrument. It is not so suitable for trading because the average daily range is about 40 to 50 pips. However, the importance of the binary currency pair is not related to trading but rather to giving good signals of the subsequent moves of the underlying currencies.
The boundaries of the Bollinger Band indicator give some clues on the potential targets. Currently, the aforementioned indicator is horizontally disposed. It means that there is a zone of 70 pips to the upside for trading or 0.8125. This presumption could give some strength to the European currency against its peers. The binary traders should profit by bidding its call options.
The information in this analysis is collected from different sources and should serve for informative purposes only. The author shall not be held responsible for the validity of the presented information. No part of this analysis recommends the purchase or sale of a currency pair or any other financial instrument.