Can the sellers force the EURGBP lower at 0.8525?
The EURGBP has been mostly oscillating, since the 24th of November 2016, within a bullish formation between the range of 0.8457 and 0.8568 respectively.
Both the buyers and the sellers are now placing strong pressures in their attempts of taking control over the pair’s price.
The price is now oscillating slightly above the 0.8525 zone which is today’s major pivot point area.
In the condition where the pair drops and stabilizes below the 0.8525 area, the price could be forced to decline to lower zones such as the 0.8457.
The Stochastic oscillator also confirms that the price has greater chances to retrace and decline at the 75 level.
Alternatively, should the buyers lead the price above the 0.8568 area Fibonacci’s 61.8%, the pair could appreciate as high as 0.8639 Fibonacci’s 0.0%.
- The Harmonized Index of Consumer Prices (YoY) (Nov), the CPI (MoM) (Nov), the CPI (YoY) (Nov), and the Harmonized Index of Consumer Prices (MoM) (Nov) releases are expected to have a medium impact on the euro
- The Consumer Credit (Oct) and the Mortgage Approvals (Oct) releases are expected to have a medium influence on the sterling
· Probable trend (Bearish): 0.8525
· Bearish take profit target: 0.8457
· Stop loss target: 0.8568
· Alternative trend (Bullish): 0.8568
· Bullish take profit target: 0.8639