GBP / USD Technical Analysis June 27

Will the bulls lead the GBP/USD at 1.3515?

The GBP/USD, after dropping from as high as 1.3978 to as low as 1.3515, has now stabilized below today’s major pivot point area, the 1.3515 level.

Stochastic oscillator’s latest formation shows a pattern of a steady appreciation at the 20 level where the pair is expected to retrace to the upside.

Probable Scenario

In the condition where the pair stabilizes close to the 1.3515 level and the upside pressures somehow get more tensed, the price could rise to the 1.3978 zone, Fibonacci’s 0.0%.

Should the bulls gain control over the price in today’s session as well, then such a continuation confirms their successful and profitable upside attempts since the 24th of June 2016.

Alternative Scenario

Alternatively, in the event where the bearish pressures force the pair below the 1.3223 zone, the price could drop to 1.2771.

Today’s Major Announcements

*There are no any releases on the sterling *The Bank Stress Test Info is expected to have a strong impact on the U.S. dollar

Synopsis

Probable trend (Bullish): 1.3515 Bullish take profit target: 1.3978 Stop loss target: 1.3223 Alternative trend (Bearish): 1.3223 Bearish take profit target: 1.2771