Is the 1.2318 level sellers’ opportunity on the GBPUSD?
The GBPUSD has been mostly oscillating, since the 14th of December 2016, within a bearish formation between the range of 1.2718 and 1.2318 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 1.2318 zone which is today’s major pivot point area.
The Stochastic oscillator also confirms that the price has greater chances to retrace and decline at the 45 level.
Alternatively, should the buyers take the lead and boost the price above the 1.2473 area Fibonacci’s 161.8% the pair could appreciate as high as 1.2718.
· Probable trend (Bearish): 1.2318
· Bearish take profit target: 1.2068
· Stop loss target: 1.2473
· Alternative trend (Bullish): 1.2473
· Bullish take profit target: 1.2718