Will the buyers lead the GBPUSD at 1.2701?
The GBPUSD after rising from 1.2419 to 1.2755 has now stabilized slightly below today’s major pivot point area, the 1.2701 zone.
Stochastic oscillator’s formation shows a pattern of a steady rise at the 35 level where the pair is expected to retrace to the upside.
Probable Scenario
In the condition where the pair breaks above the 1.2701 level and the bullish pressures get more tensed, the price could appreciate to the 1.2873 zone.
Should the buyers gain control, then such a continuation confirms their profitable upside attempts since the 30th of November 2016.
Alternative Scenario
Alternatively, in the event where the bearish pressures force the pair below the 1.2593 zone, the price could drop to 1.2419.
Today’s Major Announcements
- The NIESR GDP Estimate (3M) (Nov) release is expected to have a strong influence on the sterling
- The EIA Crude Oil Stocks Change (Dec 2) and the Consumer Credit Change (Oct) releases are expected to have a medium impact on the U.S. dollar
Synopsis
· Probable trend (Bullish): 1.2701
· Bullish take profit target: 1.2873
· Stop loss target: 1.2593
· Alternative trend (Bearish): 1.2593
· Bearish take profit target: 1.2419
