Will the bulls lead the GBPUSD at 1.2672?
The GBPUSD, after dropping from as high as 1.2772 to as low as 1.2569, has now stabilized below today’s major pivot point area, the 1.2672 level.
Stochastic oscillator’s latest formation shows a pattern of a steady appreciation at the 80 level where the pair is expected to retrace to the upside.
Probable Scenario
In the condition where the pair stabilizes above the 1.2672 level and the upside pressures somehow get more tensed, the price could rise to the 1.2772 zone, Fibonacci’s 100.0%.
Should the bulls gain control over the price in today’s session as well, then such a continuation confirms their successful and profitable upside attempts since the 7th of December 2016.
Alternative Scenario
Alternatively, in the event where the bearish pressures force the pair below the 1.2648 zone, the price could drop to 1.2569.
Today’s Major Announcements
- There are no any releases on the sterling
- The Initial Jobless Claims (Dec 2) and the Continuing Jobless Claims (Nov 25) releases are expected to have a medium influence on the U.S. dollar
Synopsis
· Probable trend (Bullish): 1.2672
· Bullish take profit target: 1.2772
· Stop loss target: 1.2648
· Alternative trend (Bearish): 1.2648
· Bearish take profit target: 1.2569
