Is the 1.2385 a downside opportunity on the GBPUSD?
The GBPUSD has been mostly oscillating, since the 4th of November 2016, within a downside channel between 1.2555 and 1.2385 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 1.2385 zone which is today’s major pivot point area.
Probable Scenario
In the condition where the pair stabilizes below the 1.2385 area, the price could be forced to decline to lower zones such as the 1.2279 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 1.2453 area Fibonacci’s 38.2% the pair could appreciate as high as 1.2555.
Today’s Major Announcements
- The Inflation Report Hearings and the NIESR GDP Estimate (3M) (Oct) releases are expected to have a strong impact on the sterling
- There are no any major releases on the U.S. dollar
Synopsis
· Probable trend (Bearish): 1.2385
· Bearish take profit target: 1.2279
· Stop loss target: 1.2453
· Alternative trend (Bullish): 1.2453
· Bullish take profit target: 1.2555
Elias Kazamias
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