Can the sellers force the EURGBP lower at 0.9007? The EURGBP has been mostly oscillating, since the 13th of October 2016, within a bearish formation between the range of 0.9067 and 0.9007 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 0.9007 zone which is today’s major pivot point area.
In the condition where the pair drops and stabilizes below the 0.9007 area, the price could be forced to decline to lower zones such as the 0.8970.
The Stochastic oscillator also confirms that the price has greater chances to retrace and decline at the 65 level.
Alternatively, should the buyers lead the price above the 0.9029 area Fibonacci’s 61.8%, the pair could appreciate as high as 0.9067 Fibonacci’s 0.0%.
- Euro zone’s Trade Balance n.s.a (Aug) and the Trade Balance s.a (Aug) releases could have a medium impact on the euro
- The BOE’s Governor Carney Speech is expected to have a strong impact on the sterling
· Probable trend (Bearish): 0.9007
· Bearish take profit target: 0.8970
· Stop loss target: 0.9029
· Alternative trend (Bullish): 0.9029
· Bullish take profit target: 0.9067
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