Will the bulls lead the GBPUSD at 1.2555?
The GBPUSD, after dropping from as high as 1.2555 to as low as 1.2353, has now stabilized above today’s major pivot point area, the 1.2555 level.
Stochastic oscillator’s latest formation shows a pattern of a steady appreciation at the 55 level where the pair is expected to retrace to the upside.
Probable Scenario
In the condition where the pair stabilizes above the 1.2555 level and the upside pressures somehow get more tensed, the price could rise to the 1.2682 zone, Fibonacci’s 161.8%.
Should the bulls gain control over the price in today’s session as well, then such a continuation confirms their successful and profitable upside attempts since the 9th of November 2016.
Alternative Scenario
Alternatively, in the event where the bearish pressures force the pair below the 1.2477 zone, the price could drop to 1.2353.
Today’s Major Announcements
- There are no any releases on the sterling
- The Fed’s Stanley Fischer Speech is expected to have a medium influence on the U.S. dollar
Synopsis
· Probable trend (Bullish): 1.2555
· Bullish take profit target: 1.2682
· Stop loss target: 1.2477
· Alternative trend (Bearish): 1.2477
· Bearish take profit target: 1.2353
Elias Kazamias
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