Can the bulls lead the EURGBP higher at 0.8956?
The upside pressures on the pair got more tensed since the 21st of October 2016 where the price climbed from as low as 0.8880 to as high as 0.8956.The bulls took control over the pair by 70 plus pips to their favour, a movement with good gains for the buyers and losses for the sellers.
Probable Scenario
The latest stabilization of the price close to the 0.8956 zone, which is today’s major pivot point level, is a good indication that the bulls could likely exert further momentum to boost the price upwards.
Stochastic oscillators’ formation signals that a probable bullish retracement, close to the 60 level, has greater chances to occur.
In the event where the pair escalates, the buyers could set their take profit target at 0.9025.
Alternative Scenario
Alternatively, a bearish break-out below the 0.8913 zone could signal that the sellers may exert far greater pressures to force the price to lower areas such as the 0.8843.
Today’s Major Announcements
- Germany’s Gfk Consumer Confidence Survey (Nov) release is expected to have a medium influence on the euro
- There are no any major releases on the sterling
Synopsis
· Probable trend (Bullish): 0.8956
· Bullish take profit target: 0.9025
· Stop loss target: 0.8913
· Alternative trend (Bearish): 0.8913
· Bearish take profit target: 0.8843
Elias Kazamias
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