The GBPUSD after escalating from as low as 1.4439 to as high as 1.4648 has now stabilized below today’s major pivot point area, the 1.4648 level.
Stochastic oscillator’s latest formation shows a pattern of a steady appreciation at the 80 level where the Dollar and Pound pair is expected to retrace once again to the upside.
In the condition where the pair stabilizes close to the 1.4648 level and the upside pressures somehow get more tensed, the price could rise to the 1.4953 zone, Fibonacci’s 161.8%.
Should the bulls gain control over the price in today’s session as well, then such a continuation confirms their successful and profitable upside attempts since the 25th of April 2016.
Alternatively, in the event where the bearish pressures force the pair below the 1.4582 zone, the price could drop to 1.4439.
Today’s Major Announcements
Britain’s Mortgage Approvals (Mar) release is expected to have a medium impact on the sterling
The U.S.’s Personal Income (MoM) (Mar), the Personal Consumption Expenditures – Price Index (YoY) (Mar), the Core Personal Consumption Expenditure – Price Index (MoM) (Mar), the Personal Consumption Expenditures – Price Index (MoM) (Mar), the Core Personal Consumption Expenditure – Price Index (YoY) (Mar), the Personal Spending (Mar), the Chicago Purchasing Managers’ Index (Apr), and the Baker Hughes US Oil Rig Count announcements are expected to have a medium impact on the U.S. dollar.
• Probable trend (Bullish): 1.4648
• Bullish take profit target: 1.4953
• Stop loss target: 1.4582
• Alternative trend (Bearish): 1.4582
• Bearish take profit target: 1.4439