Can the sellers force the EURGBP lower at 0.8998?
The EURGBP has been mostly oscillating, since the 17th of October 2016, within a bearish formation between the range of 0.9056 and 0.8998 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 0.8998 zone which is today’s major pivot point area.
In the condition where the pair drops and stabilizes below the 0.8998 area, the price could be forced to decline to lower zones such as the 0.8960.
The Stochastic oscillator also confirms that the price has greater chances to retrace and decline at the 80 level.
Alternatively, should the buyers lead the price above the 0.9020 area Fibonacci’s 61.8%, the pair could appreciate as high as 0.9056 Fibonacci’s 0.0%.
- There are no any releases on the euro
- The Consumer Price Index (YoY) (Sep) and the Core Consumer Price Index (YoY) (Sep) releases are expected to have a strong influence on the sterling
· Probable trend (Bearish): 0.8998
· Bearish take profit target: 0.8960
· Stop loss target: 0.9020
· Alternative trend (Bullish): 0.9020
· Bullish take profit target: 0.9056