Can the buyers retrace the GBPUSD higher at 1.2271?
The GBPUSD has been mostly oscillating, since the 28th of October 2016 between the range of 1.2112 and 1.2210 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 below the 1.2271 zone which is today’s major pivot point area.
Probable Scenario
In the condition where the pair stabilizes above the 1.2271 area, the price could rise to higher zones such as the 1.2367.
The Stochastic oscillator also confirms that the price has greater chances to retrace and rise at the 75 level.
Alternative Scenario
Alternatively, should the sellers withhold the price below the 1.2210 area Fibonacci’s 61.8%, the pair could depreciate as low as 1.2112 Fibonacci’s 0.0%.
Today’s Major Announcements
- The Markit Manufacturing PMI (Oct) release is expected to have a medium influence on the sterling
- The ISM Prices Paid (Oct) and the ISM Manufacturing PMI (Oct) releases are expected to have a strong influence on the U.S. dollar
Synopsis
· Probable trend (Bullish): 1.2271
· Bullish take profit target: 1.2367
· Stop loss target: 1.2210
· Alternative trend (Bearish): 1.2210
· Bearish take profit target: 1.2112
Elias Kazamias
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