Can the buyers retrace the GBPUSD higher at 1.2543?
The GBPUSD has been mostly oscillating bullish, since the 10th of November 2016, between the range of 1.2375 and 1.2643 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 1.2543 zone which is today’s major pivot point area.
Probable Scenario
In the condition where the pair stabilizes above the 1.2543 area, the price could rise to higher zones such as the 1.2643.
The Stochastic oscillator also confirms that the price has greater chances to retrace and rise at the 40 level.
Alternative Scenario
Alternatively, should the sellers withhold the price close to the 1.2480 area Fibonacci’s 61.8%, and thereafter force the pair lower, the price could depreciate as low as 1.2375 Fibonacci’s 0.0%.
Today’s Major Announcements
There are no any releases either on the sterling or the U.S. dollar
Synopsis
· Probable trend (Bullish): 1.2543
· Bullish take profit target: 1.2643
· Stop loss target: 1.2480
· Alternative trend (Bearish): 1.2480
· Bearish take profit target: 1.2375
