GBP / USD Technical Analysis Nov 28

Will the buyers lead the GBPUSD at 1.2510?

The GBPUSD after rising from 1.2453 to 1.2510 has now stabilized slightly above today’s major pivot point area, the 1.2510 zone.

Stochastic oscillator’s formation shows a pattern of a steady rise at the 80 level where the pair is expected to retrace to the upside.

Probable Scenario

In the condition where the pair stabilizes above the 1.2510 level and the bullish pressures get more tensed, the price could appreciate to the 1.2600 zone.

Should the buyers gain control, then such a continuation confirms their profitable upside attempts since the 23rd of November 2016.

gbpusd-nov-28-2016

Alternative Scenario

Alternatively, in the event where the bearish pressures force the pair below the 1.2453 zone, the price could drop to 1.2361.

Today’s Major Announcements

  • There are no any releases on the sterling
  • The Dallas Fed Manufacturing Business Index (Nov) release is expected to have a medium influence on the U.S. dollar

Synopsis

·         Probable trend (Bullish): 1.2510

·         Bullish take profit target: 1.2600

·         Stop loss target: 1.2453

·         Alternative trend (Bearish): 1.2453

·         Bearish take profit target: 1.2361