Can the sellers force the EURGBP lower at 0.8899?
The EURGBP has been mostly oscillating, since the 20th of October 2016, within a bearish formation between the range of 0.9024 and 0.8899 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 0.8899 zone which is today’s major pivot point area.
Probable Scenario
In the condition where the pair drops and stabilizes below the 0.8899 area, the price could be forced to decline to lower zones such as the 0.8820.
The Stochastic oscillator also confirms that the price has greater chances to retrace and decline at the 55 level.
Alternative Scenario
Alternatively, should the buyers lead the price above the 0.8948 area Fibonacci’s 61.8%, the pair could appreciate as high as 0.9024 Fibonacci’s 0.0%.
Today’s Major Announcements
- The French Gross Domestic Product (YoY) (Q3), the Gross Domestic Product (QoQ) (Q3), Germany’s Consumer Price Index (YoY) (Oct), the Consumer Price Index (MoM) (Oct), the Harmonized Index of Consumer Prices (YoY) (Oct), and the Harmonized Index of Consumer Prices (MoM) (Oct) releases are expected to have a medium influence on the euro
- There are no any releases on the sterling
Synopsis
· Probable trend (Bearish): 0.8899
· Bearish take profit target: 0.8820
· Stop loss target: 0.8948
· Alternative trend (Bullish): 0.8948
· Bullish take profit target: 0.9024
