Is the 1.2197 level sellers’ opportunity on the GBPUSD? The GBPUSD has been mostly oscillating, since the 13th of October 2016, within a bullish formation between the range of 1.2125 and 1.2275 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 1.2197 zone which is today’s major pivot point area.
In the condition where the pair stabilizes below the 1.2197 area, the price could be forced to decline to lower zones such as the 1.2044 level. The Stochastic oscillator also confirms that the price has greater chances to retrace and decline at the 35 level.
Alternatively, should the buyers take the lead and boost the price above the 1.2289 area Fibonacci’s 161.8% the pair could appreciate as high as 1.2441.
- The BOE’s Governor Carney Speech is expected to have a strong impact on the sterling
- The Reuters/Michigan Consumer Sentiment Index (Oct), the Retail Sales (MoM) (Sep), and the Fed’s Yellen Speech releases are expected to have a strong impact on the U.S. dollar
· Probable trend (Bearish): 1.2197
· Bearish take profit target: 1.2044
· Stop loss target: 1.2289
· Alternative trend (Bullish): 1.2289
· Bullish take profit target: 1.2441
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