Is the 1.2136 sellers’ opportunity on the GBPUSD?
The GBPUSD has been mostly oscillating, since the 19th of October 2016, within a bearish formation between the range of 1.2328 and 1.2210 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 above the 1.2136 zone which is today’s major pivot point area.
Probable Scenario
In the condition where the pair stabilizes below the 1.2136 area, the price could be forced to decline to lower zones such as the 1.2013 level.
The Stochastic oscillator also confirms that the price has greater chances to retrace and decline at the 70 level.
Alternative Scenario
Alternatively, should the buyers take the lead and boost the price above the 1.2210 area Fibonacci’s 61.8% the pair could appreciate as high as 1.2328.
Today’s Major Announcements
- The BOE’s Governor Carney Speech is expected to have a strong impact on the sterling
- The S&P/Case – Shiller Home Price Indices (YoY) (Aug), the Housing Price Index (MoM) (Aug), and the Consumer Confidence (Oct) releases are expected to have a medium impact on the U.S. dollar
Synopsis
· Probable trend (Bearish): 1.2136
· Bearish take profit target: 1.2013
· Stop loss target: 1.2210
· Alternative trend (Bullish): 1.2210
· Bullish take profit target: 1.2328
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
