Can the buyers retrace the GBPUSD higher at 1.2208?
The GBPUSD has been mostly oscillating, since the 25th of October 2016, between the range of 1.2095 and 1.2235 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 1.2208 zone which is today’s major pivot point area.
In the condition where the pair stabilizes above the 1.2208 area, the price could rise to higher zones such as the 1.2335.
The Stochastic oscillator also confirms that the price has greater chances to retrace and rise at the 35 level.
Alternatively, should the sellers withhold the price close to the 1.2135 area Fibonacci’s 100.0%, and thereafter force the pair lower, the price could depreciate as low as 1.2009 Fibonacci’s 161.8%.
- The Gross Domestic Product (QoQ) (Q3) and the Gross Domestic Product (YoY) (Q3) releases are expected to have a medium influence on the sterling
- The Durable Goods Orders (Sep) and the Durable Goods Orders ex Transportation (Sep) releases are expected to have a strong influence on the U.S. dollar
· Probable trend (Bullish): 1.2208
· Bullish take profit target: 1.2335
· Stop loss target: 1.2135
· Alternative trend (Bearish): 1.2135
· Bearish take profit target: 1.2009