GBP / USD Technical Analysis Dec 20

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.

Probable Scenario

In the condition where the pair stabilizes below the 1.2318 area, the price could be forced to decline to lower zones such as the 1.2068 level.

The Stochastic oscillator also confirms that the price has greater chances to retrace and decline at the 45 level.

Alternative Scenario

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.

Today’s Major Announcements

  • There are no any releases either on the sterling or the U.S. dollar

Synopsis

·         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

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Elias Kazamias