GBP / USD Technical Analysis Nov 10

Is the 1.2348 sellers’ opportunity on the GBPUSD?

The GBPUSD has been mostly oscillating, since the 4th of November 2016, within a bearish formation between the range of 1.2556 and 1.2348 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 above the 1.2348 zone which is today’s major pivot point area.

Probable Scenario

In the condition where the pair stabilizes below the 1.2348 area, the price could be forced to decline to lower zones such as the 1.2220 level.

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

gbpusd-nov-10-2016

Alternative Scenario

Alternatively, should the buyers take the lead and boost the price above the 1.2427 area Fibonacci’s 38.2% the pair could appreciate as high as 1.2556.

Today’s Major Announcements

  • There are no any releases on the sterling
  • There Continuing Jobless Claims (Oct 28) and the Initial Jobless Claims (Nov 4) releases are expected to have a medium impact on the U.S. dollar

Synopsis

·         Probable trend (Bearish): 1.2348

·         Bearish take profit target: 1.2220

·         Stop loss target: 1.2427

·         Alternative trend (Bullish): 1.2427

·         Bullish take profit target: 1.2556