The GBPUSD has been mostly oscillating, since the 11th of November 2016, within a downside channel between 1.2599 and 1.2351 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 below the 1.2472 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 60 level.
Alternatively, should the buyers take the lead and boost the price above the 1.2512 area Fibonacci’s 50.0% the pair could appreciate as high as 1.2599.
- There are no any releases on the sterling
- The EIA Crude Oil Stocks Change (Nov 11) release will likely have a strong influence on the U.S. dollar
· Probable trend (Bearish): 1.2472
· Bearish take profit target: 1.2351
· Stop loss target: 1.2512
· Alternative trend (Bullish): 1.2512
· Bullish take profit target: 1.2599