Can the buyers retrace the GBPUSD higher at 1.2370?
The GBPUSD has been mostly oscillating, since the 17th of October 2016, within an aggressive bullish formation between the range of 1.2165 and 1.2325 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 below the 1.2370 zone which is today’s major pivot point area.
Probable Scenario
In the condition where the pair stabilizes above the 1.2370 area, the price could rise to higher zones such as the 1.2547.
The Stochastic oscillator also confirms that the price has greater chances to retrace and rise at the 30 level.
Alternative Scenario
Alternatively, should the sellers withhold the price close to the 1.2261 area Fibonacci’s 61.8%, and thereafter force the pair lower, the price could depreciate as low as 1.2087 Fibonacci’s 0.0%.
Today’s Major Announcements
- There are no any releases on the sterling
- The Housing Starts (MoM) (Sep) and the Building Permits (MoM) (Sep) releases are expected to have a medium influence on the U.S. dollar
Synopsis
· Probable trend (Bullish): 1.2370
· Bullish take profit target: 1.2547
· Stop loss target: 1.2261
· Alternative trend (Bearish): 1.2261
· Bearish take profit target: 1.2087
Elias Kazamias
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