Is 0.8404 a bearish opportunity on the EURGBP?
The EURGBP has been mostly oscillating, since the 8th of December 2016, within a bearish formation between the 0.8569 level and the 0.8404 zone.
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 below the 0.8404 zone which is today’s major pivot point area.
Probable Scenario
In the condition where the pair stabilizes below the 0.8404 area, the price could be forced to decline to lower zones such as the 0.8304 level.
The Stochastic oscillator also confirms that the price has greater chances to retrace and decline at the 60 level.
Alternative Scenario
Alternatively, should the buyers take the lead and boost the price above the 0.8438 area Fibonacci’s 50.0% the pair could appreciate as high as 0.8569.
Today’s Major Announcements
Synopsis
· Probable trend (Bearish): 0.8404
· Bearish take profit target: 0.8304
· Stop loss target: 0.8438
· Alternative trend (Bullish): 0.8438
· Bullish take profit target: 0.8569
