Can the sellers force the EURGBP lower at 0.8566?
The EURGBP has been mostly oscillating, since the 15th of November 2016, within a bearish formation between the range of 0.8706 and 0.8566 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 slightly below the 0.8566 zone which is today’s major pivot point area.
Probable Scenario
In the condition where the pair drops and stabilizes below the 0.8566 area, the price could be forced to decline to lower zones such as the 0.8480.
The Stochastic oscillator also confirms that the price has greater chances to retrace and decline at the 30 level.
Alternative Scenario
Alternatively, should the buyers lead the price above the 0.8621 area Fibonacci’s 61.8%, the pair could appreciate as high as 0.8706 Fibonacci’s 0.0%.
Today’s Major Announcements
- The ECB President Draghi’s Speech is expected to have a strong impact on the euro
- There are no any releases on the sterling
Synopsis
· Probable trend (Bearish): 0.8566
· Bearish take profit target: 0.8480
· Stop loss target: 0.8621
· Alternative trend (Bullish): 0.8621
· Bullish take profit target: 0.8706
