Forex Binary Option of the Day: EUR/GBP A Reliable Short Term Put
The Euro has been falling steadily against the Pound since early in the month. While there have been minor gains, they have consistently been lost within a day. However, the pair is unlikely to fall below the 0.7770 level.
The Euro Zone missed inflation expectations this week which has weakened the currency. Eurostat reported that the annual inflation rate fell to a five-year low of 0.3% in September from 0.4% in August.
At the same time the UK’s Office for National Statistics said that the revised gross domestic product expanded by 0.9% in the second quarter, beating expectations for 0.8% growth.’
Furthermore, year on year the UK economy expanded at a rate of 3.2% in the second quarter.
As a result it is likely to see further weakening of the Euro against the Pound in the short term making it a good Put option in the coming days.