GBP / USD Technical Analysis Dec 9

Is the 1.2558 level sellers’ opportunity on the GBPUSD?

The GBPUSD has been mostly oscillating, since the 6th of December 2016, within a bearish formation between the range of 1.2773 and 1.2558 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 1.2558 zone which is today’s major pivot point area.

Probable Scenario

In the condition where the pair stabilizes below the 1.2558 area, the price could be forced to decline to lower zones such as the 1.2426 level.

The Stochastic oscillator also confirms that the price has greater chances to retrace and decline at the 60 level.

Alternative Scenario

Alternatively, should the buyers take the lead and boost the price above the 1.2642 area Fibonacci’s 61.8% the pair could appreciate as high as 1.2773.

Today’s Major Announcements

  • There are no any releases on the sterling
  • The Baker Hughes U.S. Oil Rig Count release is expected to have a medium influence on the U.S. dollar

Synopsis

·         Probable trend (Bearish): 1.2558

·         Bearish take profit target: 1.2426

·         Stop loss target: 1.2642

·         Alternative trend (Bullish): 1.2642

·         Bullish take profit target: 1.2773