Will the buyers lead the GBPUSD at 1.2529?
The GBPUSD after rising from 1.2384 to 1.2529 has now stabilized slightly below today’s major pivot point area, the 1.2529 zone.
Stochastic oscillator’s formation shows a pattern of a steady rise at the 70 level where the pair is expected to retrace to the upside.
Probable Scenario
In the condition where the pair breaks above the 1.2529 level and the bullish pressures get more tensed, the price could appreciate to the 1.2618 zone.
Should the buyers gain control, then such a continuation confirms their profitable upside attempts since the 28th of November 2016.
Alternative Scenario
Alternatively, in the event where the bearish pressures force the pair below the 1.2475 zone, the price could drop to 1.2384.
Today’s Major Announcements
- The Markit Manufacturing PMI (Nov) release will have a medium influence on the sterling
- The ISM Manufacturing PMI (Nov) release is expected to have a strong impact on the U.S. dollar
Synopsis
· Probable trend (Bullish): 1.2529
· Bullish take profit target: 1.2618
· Stop loss target: 1.2475
· Alternative trend (Bearish): 1.2475
· Bearish take profit target: 1.2384
