Can the buyers retrace the GBPUSD higher at 1.2646?
The GBPUSD has been mostly oscillating bullish, since the 9th of December 2016, between the range of 1.2551 and 1.2703 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 above the 1.2646 zone which is today’s major pivot point area.
In the condition where the pair stabilizes above the 1.2646 area, the price could rise to higher zones such as the 1.2703.
The Stochastic oscillator also confirms that the price has greater chances to retrace and rise at the 25 level.
Alternatively, should the sellers withhold the price close to the 1.2626 area Fibonacci’s 50.0%, and thereafter force the pair lower, the price could depreciate as low as 1.2551 Fibonacci’s 0.0%.
- The BOE’s Governor Carney Speech will likely have a strong impact on the sterling
- The Retail Sales, the FOMC Economic Projections, the Fed’s Monetary Policy Statement, the Fed Interest Rate Decision, and the FOMC Press Conference releases will have a strong impact on the U.S. dollar
· Probable trend (Bullish): 1.2646
· Bullish take profit target: 1.2703
· Stop loss target: 1.2626
· Alternative trend (Bearish): 1.2626
· Bearish take profit target: 1.2551