Will the buyers lead the GBPUSD at 1.2685?
The GBPUSD after rising from 1.2351 to 1.2558 has now stabilized below today’s major pivot point area, the 1.2685 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 1.2685 level and the bullish pressures get more tensed, the price could appreciate to the 1.2883 level and the 1.3218 zone.
Should the buyers gain control, then such a continuation confirms their profitable upside attempts since the 8th of November 2016.
Alternative Scenario
Alternatively, in the event where the bearish pressures force the pair below the 1.2558 zone, the price could drop to 1.2351.
Today’s Major Announcements
Synopsis
· Probable trend (Bullish): 1.2685
· Bullish take profit targets: 1.2883, 1.3218
· Stop loss target: 1.2558
· Alternative trend (Bearish): 1.2558
· Bearish take profit target: 1.2351
