Will the buyers lead the GBPUSD at 1.2525?
The GBPUSD after rising from 1.2113 to 1.2525 has now stabilized slightly below today’s major pivot point area, the 1.2525 zone.
Stochastic oscillator’s formation shows a pattern of a steady rise at the 70 level where the pair is expected to retrace to the upside.
Probable Scenario
In the condition where the pair breaks above the 1.2525 level and the bullish pressures get more tensed, the price could appreciate to the 1.2777 zone.
Should the buyers gain control, then such a continuation confirms their profitable upside attempts since the 28th of October 2016.
Alternative Scenario
Alternatively, in the event where the bearish pressures force the pair below the 1.2361 zone, the price could drop to 1.2113.
Today’s Major Announcements
- There are no any releases on the sterling
- The Nonfarm Payrolls (Oct) and the Unemployment Rate (Oct) releases are expected to have a strong influence on the U.S. dollar
Synopsis
· Probable trend (Bullish): 1.2525
· Bullish take profit target: 1.2777
· Stop loss target: 1.2361
· Alternative trend (Bearish): 1.2361
· Bearish take profit target: 1.2113
