Is the 1.2305 level sellers’ opportunity on the GBPUSD?
The GBPUSD has been mostly oscillating, since the 17th of November 2016, within a bearish formation between the range of 1.2502 and 1.2305 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 1.2305 zone which is today’s major pivot point area.
Probable Scenario
In the condition where the pair stabilizes below the 1.2305 area, the price could be forced to decline to lower zones such as the 1.2174 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 1.2377 area Fibonacci’s 100.0% the pair could appreciate as high as 1.2502.
Today’s Major Announcements
- There are no any releases on the sterling
- The Chicago Fed National Activity Index (Oct) announcement will likely have a medium influence on the U.S. dollar
Synopsis
· Probable trend (Bearish): 1.2305
· Bearish take profit target: 1.2174
· Stop loss target: 1.2377
· Alternative trend (Bullish): 1.2377
· Bullish take profit target: 1.2502
Elias Kazamias
Latest posts by Elias Kazamias (see all)
- Foobee Launch Captures Public Imagination - July 10, 2021
- NoBanx Launches in Cyprus - April 28, 2021
- How to Choose the Best Forex Broker? - November 7, 2020
