Is the 1.2124 level sellers’ opportunity on the GBPUSD?
The GBPUSD has been mostly oscillating, since the 7th of October 2016, within a bearish formation between the range of 1.2478 and 1.2124 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 1.2124 zone which is today’s major pivot point area.
Probable Scenario
In the condition where the pair stabilizes below the 1.2124 area, the price could be forced to decline to lower zones such as the 1.1917 level.
The Stochastic oscillator also confirms that the price has greater chances to retrace and decline at the 25 level.
Alternative Scenario
Alternatively, should the buyers take the lead and boost the price above the 1.2192 area Fibonacci’s 50.0% the pair could appreciate as high as 1.2339.
Today’s Major Announcements
- There are no any releases on the sterling
- The Industrial Production (MoM) (Sep), the Capacity Utilization (Sep), and the Fed’s Stanley Fischer Speech announcements will likely have a medium influence on the U.S. dollar
Synopsis
· Probable trend (Bearish): 1.2124
· Bearish take profit target: 1.1917
· Stop loss target: 1.2192
· Alternative trend (Bullish): 1.2192
· Bullish take profit target: 1.2339
Ben Myers
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