GBP / USD Technical Analysis Oct 31

Elias Kazamias | @ |

Will the buyers lead the GBPUSD at 1.2209?

The GBPUSD after rising from 1.2136 to 1.2209 has now stabilized slightly below today’s major pivot point area, the 1.2209 zone.

Stochastic oscillator’s formation shows a pattern of a steady rise at the 55 level where the pair is expected to retrace to the upside.

Probable Scenario

In the condition where the pair breaks above the 1.2209 level and the bullish pressures get more tensed, the price could appreciate to the 1.2328 zone.

Should the buyers gain control, then such a continuation confirms their profitable upside attempts since the 28th of October 2016.

gbpusd-oct-31-2016

Alternative Scenario

Alternatively, in the event where the bearish pressures force the pair below the 1.2136 zone, the price could drop to 1.2014.

Today’s Major Announcements

  • The Consumer Credit (Sep) and the Mortgage Approvals (Sep) releases are expected to have a medium impact on the sterling
  • The Personal Income (MoM) (Sep), the Personal Consumption Expenditures – Price Index (YoY) (Sep), the Core Personal Consumption Expenditure Price Index (MoM) (Sep), the Personal Consumption Expenditures – Price Index (MoM) (Sep), and the Personal Spending (Sep) releases are expected to have a medium influence on the dollar

Synopsis

·         Probable trend (Bullish): 1.2209

·         Bullish take profit target: 1.2328

·         Stop loss target: 1.2136

·         Alternative trend (Bearish): 1.2136

·         Bearish take profit target: 1.2014

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