GBP / USD Technical Analysis June 24

Daniel Garin
Jun 24, 2016
1 min read

Is 1.3402 sellers’ further opportunity on the GBP/USD?

The GBPUSD dropped aggressively, since yesterday’s trading session, from 1.5016 to 1.3402. The referendum brought massive negative changes and major weakness for the sterling at the moment.

The sellers forced the pair astonishingly lower by more than 1600 pips to their favour on fear of the referendum’s outcome, resuming placing pressures to regain momentum.

The price is now oscillating close to the 1.3402 zone which is today’s major pivot point area.

Probable Scenario

In the condition where the pair stabilizes below the 1.3402 zone, the price could be forced to decline to far extreme lower areas such as the 1.2395 level.

The Stochastic oscillator also confirms that the price has greater chances to retrace and decline at the 25 level.

Alternative Scenario

Alternatively, should the buyers take the lead, boost, and hold the price above the 1.4019 area, Fibonacci’s 100.0%, the pair could appreciate as high as 1.5016.

Today’s Major Announcements

There is no any other major announcement on the sterling except the referendum’s crucial upcoming results
The Durable Goods Orders ex Transportation (May), the Durable Goods Orders (May), and the Baker Hughes US Oil Rig Count releases are expected to have a medium impact on the U.S dollar