Is the 1.2481 a bearish opportunity on the GBPUSD?
The GBPUSD has been mostly oscillating, since the 11th of November 2016, within a downside channel between 1.2643 and 1.2481 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 close to the 1.2481 zone which is today’s major pivot point area.
Probable Scenario
In the condition where the pair stabilizes below the 1.2481 area, the price could be forced to decline to lower zones such as the 1.2381 level.
The Stochastic oscillator also confirms that the price has greater chances to retrace and decline at the 35 level.
Alternative Scenario
Alternatively, should the buyers take the lead and boost the price above the 1.2544 area Fibonacci’s 100.0% the pair could appreciate as high as 1.2643.
Today’s Major Announcements
- The Core Consumer Price Index (YoY) (Oct) and the Consumer Price Index (YoY) (Oct) releases will likely have a strong influence on the sterling
- The Retail Sales ex Autos (MoM) (Oct), the Retail Sales Control Group (Oct), and the Retail Sales (MoM) (Oct) releases are expected to have a strong influence on the U.S. dollar
Synopsis
· Probable trend (Bearish): 1.2481
· Bearish take profit target: 1.2381
· Stop loss target: 1.2544
· Alternative trend (Bullish): 1.2544
· Bullish take profit target: 1.2643
