Can the bulls lead the EURGBP higher at 0.8620?
The upside pressures on the pair got more tensed since the 11th of November 2016 where the price climbed from as low as 0.8564 to as high as 0.8710.
The bulls took control over the pair by almost 150 to their favour, a movement with great gains for the buyers and big losses for the sellers.
Probable Scenario
The latest appreciation of the price at the 0.8620 zone, which is today’s major pivot point level, is a good indication that the bulls could likely exert further momentum to boost the price upwards.
Stochastic oscillators’ formation signals that a probable bullish retracement, close to the 55 level, has greater chances to occur.
In the event where the pair escalates, the buyers could set their take profit target at 0.8710.
Alternative Scenario
Alternatively, a bearish break-out below the 0.8564 zone could signal that the sellers may exert far greater pressures to force the price to lower areas such as the 0.8480.
Today’s Major Announcements
Synopsis
· Probable trend (Bullish): 0.8620
· Bullish take profit target: 0.8710
· Stop loss target: 0.8564
· Alternative trend (Bearish): 0.8564
· Bearish take profit target: 0.8480
