Is the 1.2472 a bearish opportunity on the GBPUSD?
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.
Probable Scenario
In the condition where the pair stabilizes below the 1.2472 area, the price could be forced to decline to lower zones such as the 1.2351 level.
The Stochastic oscillator also confirms that the price has greater chances to retrace and decline at the 60 level.
Alternative Scenario
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.
Today’s Major Announcements
- 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
Synopsis
· 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
Elias Kazamias
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