Is the 1.2380 level sellers’ opportunity on the GBPUSD?
The GBPUSD has been mostly oscillating, since the 22nd of November 2016, within a bearish formation between the range of 1.2510 and 1.2380 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 slightly above the 1.2380 zone which is today’s major pivot point area.
Probable Scenario
In the condition where the pair stabilizes below the 1.2380 area, the price could be forced to decline to lower zones such as the 1.2302 level.
The Stochastic oscillator also confirms that the price has greater chances to retrace and decline at the 70 level.
Alternative Scenario
Alternatively, should the buyers take the lead and boost the price above the 1.2432 area Fibonacci’s 38.2% the pair could appreciate as high as 1.2510.
Today’s Major Announcements
- There are no any releases on the sterling
- The Durable Goods Orders (Oct), the Durable Goods Orders ex Transportation (Oct), the EIA Crude Oil Stocks Change (Nov 18), and the FOMC Minutes releases are expected to have a strong influence on the U.S. dollar
Synopsis
· Probable trend (Bearish): 1.2380
· Bearish take profit target: 1.2302
· Stop loss target: 1.2432
· Alternative trend (Bullish): 1.2432
· Bullish take profit target: 1.2510
